NEWS ECONOMY NEWS        31/12/2020

Turkey’s foreign trade deficit is USD 5 billion in November 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 5,033 million in November 2020, 153.5% higher than the figure for the same month of the previous year, and 110.2% higher than the deficit for the previous month of October 2020.

 

Exports totalled USD 16,094 million and imports totalled USD 21,127 million in November 2020. The export figure was a 0.9% decrease and the import figure a 15.9% increase on the figures for the same month of the previous year. The export figure was 7% lower and the import figure 7.2% higher than the respective figures for the previous month of October 2020.

 

For the first eleven months of 2020, the trade deficit was USD 45,344 million, 82.5% higher than the figure for the same period of the previous year. Exports totalled USD 151,670 million and imports totalled USD 197,014 million in the first eleven months of 2020. The export figure was a 8.3% decrease and the import figure a 3.5% increase on the figures for the same period of 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 November 2020 with USD 2,374 million (14.8% of total exports), followed by the machinery and equipment sector with USD 1,584 million (9.8% of total exports).

 

The precious stones and metals sector was in the leading position in the imports table in November 2020 with USD 2,662 million (12.6% of total imports), followed by the machinery and mechanical equipment sector (12.3% of total imports) and by the energy sector with USD 2,534 million (12% of total imports).

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 6,664 million in November 2020, 1.4% lower than the figure for the same month of the previous year, and 7.7% lower than the previous month of October. The share of total Turkish exports to the EU was 41.4% in November 2020 compared with 41.6% in the same month of the previous year. With regards the full year of 2019, Turkey’s exports to the EU were 42.4% of its total exports.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in November 2020, with USD 1,515 million. UK followed with USD 1,094 million, Iraq with USD 953 million, USA with USD 905 million, Italy with USD 800 million, France with USD 715 million, and Spain with USD 618 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 (USD 9,753 million), USA (USD 8,971 million), Spain (USD 8,139 million), and France (USD 7,946 million).

 

Germany was the leading exporter to Turkey in November 2020 with USD 2,352 million, followed by China with USD 2,238 million, Russia with USD 1,722 million, Switzerland with USD 1,570 million, Italy with USD 952 million, USA with USD 829 million, and France with USD 687 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 76.2% in November 2020, compared with 89.1% in the same month of the previous year. With regards the full year of 2019, the percentage of imports covered by exports was 86%  compared with 76.6% in the previous year.

 

Using the Special Trade System (STS) calculation method of foreign trade, Turkey’s foreign trade deficit in November 2020 was USD 4,538 million, an increase of 99% on the same month of the previous year. Exports were USD 15,311 million, a decrease of 0.9% on the same month of the previous year, and imports were USD 19,849 million, an increase of 11.9% on the same month of the previous year. The deficit for the full year of 2019 was USD 31,239 million, with exports of USD 171,465 million and imports of USD 202,704 million.

 



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 17.53% in June 2021       Turkey’s official unemployment rate decreases to 13.2% in May 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