NEWS ECONOMY NEWS        29/01/2021

Turkey’s foreign trade deficit is USD 49.9 billion in 2020

According to figures prepared by the Turkish Statistical Institute (TÜİK- TurkStat) in cooperation with Turkey’s Ministry of Trade, and using the General Trade System (GTS) calculation method, Turkey’s foreign trade deficit was USD 4,530 million in December 2020, 3% lower than the figure for the same month of the previous year, and 10.4% lower than the deficit for the previous month of November 2020.

 

Exports totalled USD 17,850 million and imports totalled USD 22,381 million in December 2020. The export figure was a 16% increase and the import figure a 11.6% increase on the figures for the same month of the previous year. The export figure was 11% higher and the import figure 5.9% higher than the respective figures for the previous month of November 2020.

 

For the total year of 2020, the trade deficit was USD 49,915 million, 69.1% higher than the figure for the previous year. Exports totalled USD 169,482 million and imports totalled USD 219,397 million in 2020. The export figure was a 6.3% decrease and the import figure a 4.3% increase on the figures for the previous year.

 

The trade deficit for the year of 2019 was USD 29,512 million, a fall of 45.3% on the previous year. Total exports were USD 180,833 million, a 2.1% increase, and total imports were USD 210,345 million, a 9% fall on the figures for the previous year.

 

The automotive sector again led in the exports table in December 2020 with USD 2,509 million (14.1% of total exports), followed by the machinery and equipment sector with USD 1,834 million (10.3% of total exports). With regards the total year of 2020, automotive sector exports were 13% and machinery and equipment sector exports were 9.9% of total exports. Automotive sector exports had fallen 17.9% and machinery and equipment sector exports had fallen 5.5% in 2020 compared with the previous year.

 

The machinery and mechanical equipment sector was in the leading position in the imports table in December 2020 with USD 2,897 million (12.9% of total imports), followed by the energy sector with USD 2,760 million (12.3% of total imports), the precious stones and metals sector with USD 2,202 million (9.8% of total imports), and the automotive sector with USD 1,994 million (8.9% of total imports). With regards the total year of 2020, the machinery and mechanical equipment sector imports were 11.5% of total imports, energy sector imports were 13.2% of total imports, the precious stones and metals sector imports were 12.1% of total imports, and the automotive sector imports were 7% of total imports. Machinery and mechanical equipment sector imports had increased 13.9%, energy sector imports had fallen 30.7%, precious stones and metals sector imports had increased 98.9%, and automotive sector imports had increased 52.7% compared with the previous year. The fall in energy sector imports in 2020 reflects the deepening of the on-going economic recession in Turkey.

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 7,191 million in December 2020, 21.6% higher than the figure for the same month of the previous year, and 8.1% higher than the previous month of November. The share of total Turkish exports to the EU was 40.3% in December 2020 compared with 38.4% in the same month of the previous year. With regards the full year of 2020, Turkey’s exports to the EU were 41.3% of its total exports, compared with 42.4% in 2019.  Exports to the EU in 2020 were USD 69,957 million, compared with USD 76,726 million in 2019, a fall of 8.8%.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in December 2020, with USD 1,572 million. UK followed with USD 1,111 million, USA with USD 1,084 million, Iraq with USD 976 million, Italy with USD 849 million, France with USD 810 million, and Spain with USD 643 million. With regards the full year of 2020, rankings were as follows: Germany (USD 15,975 million), UK (USD 11,237 million), USA (USD 10,184 million), Iraq (USD 9,135 million), Italy (USD 8,075 million), France (USD 7,193 million), and Spain (USD 6,686 million). With regards the full year of 2019, rankings were as follows: Germany (USD 16,617 million), UK (USD 11,279 million), Iraq (USD 10,223 million), Italy (9,753 million), USA (USD 8,971 million), Spain (USD 8,139 million), and France (USD 7,946 million).

 

China was the leading exporter to Turkey in December 2020 with USD 2,482 million, followed by Germany with USD 2,393 million, Russia with USD 1,995 million, Italy with USD 1,063 million, USA with USD 848 million, Iraq with USD 831 million, and France with USD 819 million. With regards the full year of 2020, rankings were as follows: China (USD 23,020 million), Germany (USD 21,714 million), Russia (USD 17,859 million), USA (USD 11,518 million), Italy (USD 9,190 million), Iraq (USD 8,202 million), Switzerland (USD 7,769 million), and France (USD 6,977 million). With regards the full year of 2019, rankings were as follows: Russia (USD 23,115 million), Germany (USD 19,280 million), China (USD 19,128 million), USA (USD 11,847 million), Italy (USD 9,350 million), France (USD 6,760 million), India (USD 6,635 million), South Korea (USD 5,777 million) and UK (USD 5,638 million).

 

The percentage of imports covered by exports was 79.8% in December 2020, compared with 76.7% in the same month of the previous year. With regards the full year of 2020, the percentage of imports covered by exports was 77.2%  compared with 86% in the previous year.

 

Using the Special Trade System (STS) calculation method of foreign trade, Turkey’s foreign trade deficit in December 2020 was USD 4,099 million, a decrease of 6% on the same month of the previous year. Exports were USD 16,929 million, an increase of 15.5% on the same month of the previous year, and imports were USD 21,028 million, an increase of 10.6% on the same month of the previous year. The deficit for the full year of 2020 was USD 48,895 million, an increase of 56.5% on the previous year, exports were USD 160,515 million, a decrease of 6.4% on the previous year, and imports were USD 209,410 million, an increase of 3.3% on the previous year.

 



Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020