Turkey’s foreign trade deficit nears 5 billion dollars

* Photo: Jarosław Bialik / Pixabay

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The Turkish Statistical Institute (TurkStat), Turkey's government agency commissioned with producing official statistics, released the "Foreign Trade Statistics" for September 2020 today (October 30).

According to the general trade system, exports and imports increased by 4.8 percent, 23 percent respectively in September 2020.

According to the provisional data produced in cooperation with the Ministry of Trade, in September 2020; exports were 16 billion 9 million dollars with a 4.8 percent increase and imports were 20 billion 837 million dollars with a 23 percent increase compared with September 2019.

In the January-September 2020 period, exports were 118 billion 325 million dollars with 10.9 percent decrease and imports were 156 billion 186 million dollars with 1.5 percent increase compared with January-September 2019.

Foreign trade deficit

In September 2020, the foreign trade deficit of Turkey was 4 billion 828 million dollars, which marked a 189.6 percent increase when compared with September 2019. In September 2020, exports coverage imports was 76.8 percent while it was 90.2 percent in September 2019.

In the January-September 2020 period, foreign trade deficit was 37 billion 862 million dollars with a 79.5 percent increase compared with January-September 2019. In the same period, exports coverage imports was 75.8 percent while it was 86.3 percent in January-September 2019.

Foreign trade excluding energy products, gold

Exports, excluding energy products and non-monetary gold, were 15 billion 541 million dollars with a 8.4 percent increase in September 2020. Imports, excluding energy products and non-monetary gold, were 14 billion 769 million dollars with a 15.5 percent increase in September 2020.

Foreign trade surplus, excluding energy products and non-monetary gold, was 772 million dollars in September 2020. Foreign trade volume was 30 billion 311 million dollars with a 11.8 percent increase. Energy products and non-monetary gold excluded export coverage imports was 105.2 percent.

In September 2020, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.8, 2.9, 1.8 percent, respectively.

In the January-September 2020 period, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.5 percent, 3.3 percent and 1.7 percent, respectively.

Main partners for export, import: Germany, China

In September 2020, the main partner country for exports was Germany with 1 billion 517 million dollars. The country was followed by the UK with 1 billion 142 million dollars, the USA with 947 million dollars, Italy with 799 million dollars and Iraq with 798 million dollars. The ratio of the first five countries in total exports was 32.5 percent in September 2020.

In the January-September 2020 period, the main partner country for exports was Germany with 11 billion 277 million dollars. The country was followed by the UK with 7 billion 546 million dollars, the USA with 7 billion 241 million dollars, Iraq with 6 billion 243 million dollars and Italy with 5 billion 526 million dollars. The ratio of the first five countries in total exports was 32 percent in January-September 2020.

In September 2020, the top country for Turkey's imports was China with 2 billion 161 million dollars. The country was followed by Germany with 2 billion 71 million dollars, Russia with 1 billion 553 million dollars, Switzerland with 1 billion 122 million dollars and the United Arab Emirates (UAE) with 1 billion 83 million dollars. The ratio of first five countries in total imports was 38.3 percent in September 2020.

In the January-September 2020 period, the top country for Turkey's imports was China with 16 billion 381 million dollars. The country was followed by Germany with 14 billion 714 million dollars, Russia with 12 billion 842 million dollars, the USA with 8 billion 760 million dollars and Iraq with 6 billion 485 million dollars. The ratio of first five countries in total imports was 37.9 percent in January-September 2020.

Ratio of high-technology products

In September 2020, seasonally and calendar adjusted exports increased by 6.7 percent and imports decreased by 0.4 percent compared with the previous month. In September 2020, calendar adjusted exports and imports increased by 0.7 percent and 19.7 percent respectively when compared with the same month last year.

The ratio of high-technology products in manufacturing industries exports was 3.3 percent. In the January-September 2020 period, the ratio of high-technology products in manufacturing industries exports was 3.4 percent.

The ratio of manufacturing industries' products in total imports was 83.6 percent. The ratio of high-technology products in manufacturing industries' imports was 12.3 percent in September 2020.

The ratio of manufacturing industries' products in total imports was 81.4 percent in January-September 2020. The ratio of high-technology products in manufacturing industries' imports was 12.7 percent in January-September 2020. (HA/SD)