NEWS ECONOMY NEWS        02/12/2020

Turkey’s foreign trade deficit is USD 5.1 billion in November 2020 per preliminary calculations

According to preliminary figures provided by the Trade Ministry based on the General Trade System (GTS), Turkey’s foreign trade deficit for November 2020 was USD 5,071 million, 155.3% higher than the USD 1,986 million deficit figure for the same month of the previous year, and 113.6% higher than the USD 2,374 million deficit figure for the previous month of October 2020.

 

Exports were USD 16,088 million in November 2020, 0.95% lower than the figure for the same month of the previous year, and 7.2% lower than the figure for the previous month of October 2020. Exports hit an all-time record of USD 17,329 million in October 2020, and this month’s performance, though 7.2% lower, still represents an outstanding performance in light of the ongoing pandemic and economic recession. Imports were USD 21,158 million in November 2020, 16.1% higher than the figure for the same month of the previous year, and 7.4% higher than the figure for the previous month of October 2020.

 

The percentage of imports met by exports was 76% in November 2020 compared with 89.1% in the same month of the previous year.

 

With regards the first eleven months of 2020, Turkey’s foreign trade deficit was USD 45,343 million, 82.5% higher than the figure for the same period of the previous year. Exports were USD 151,704 million, 8.3% lower, and imports were USD 197,047 million, 3.6% higher than the figures for the same period of the previous year.

 

The automotive sector led the export table in November 2020 with USD 2,372 million (14.7% of total exports), followed by the machinery and equipment sector with USD 1,573 million (9.8% of total exports).

 

The precious stones and metals sector, with USD 2,661 million (12.6% of total imports), led the import table in November 2020, followed by the machinery and mechanical equipment sector with USD 2,606 million (12.3% of total imports) and the energy sector with USD 2,563 million (12.1% of total imports).

 

The top five countries to which Turkey exported in November 2020 are Germany (USD 1,511 million), UK (USD 1,093 million), Iraq (USD 952 million), USA (USD 902 million), and Italy (USD 798 million).

 

The top five countries from which Turkey imported in November 2020 are Germany (USD 2,353 million), China (USD 2,237 million), Russia (USD 1,750 million), Switzerland (USD 1,570 million), and Italy (USD 952 million).

 

For the year 2019, the trade deficit was USD 29,512 million, a 45.3% decrease on the previous year. Exports in the year 2019 were USD 180,833 million (a 2.1% increase) and imports were USD 210,345 million (a 9% decrease).

 

 



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 16.19% in March 2021       Turkey’s official unemployment rate jumps to 13.4% in February 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