NEWS ECONOMY NEWS        03/08/2020

Turkey’s foreign trade deficit is USD 2,7 billion in July 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 July 2020 was USD 2,744 million, 16.8% lower than the USD 3,297 million deficit figure for the same month of the previous year, and 3.6% lower than the USD 2,846 million deficit figure for the previous month of June 2020.

 

Exports were USD 15,012 million in July 2020, 5.8% lower than the figure for the same month of the previous year, but 11.5% higher than the figure for the previous month of June 2020. Imports were USD 17,756 million in July 2020, 7.7% lower than the figure for the same month of the previous year, but 8.9% higher than the figure for the previous month of June 2020. Following the collapse of export and import figures in April and May, but improved foreign trade activity in June, it would appear that Turkey’s foreign trade figures have returned to pre-pandemic levels.

 

The percentage of imports met by exports was 84.5% in July 2020 compared with 82.9% in the same month of the previous year.

 

With regards the first seven months of 2020, Turkey’s foreign trade deficit was USD 26,616 million, 55.8% higher than the figure for the same period of the previous year. Exports were USD 90,032 million, 13.7% lower, and imports were USD 116,651 million, 3.9% lower than the figures for the same period of the previous year.

 

The automotive sector was again the leader in the export table in July 2020 with USD 1,880 million (12.5% of total exports), followed by machinery and equipment exports with USD 1,501 million (10% of total exports). Following the re-opening of automotive plants in mid-May after the shutdown due to the coronavirus pandemic, automotive production has been gradually returning to pre-pandemic levels when normal monthly automotive exports were over USD 2 billion and around 14-15% of total exports.

 

The energy sector has regained its first place position in the imports table in July 2020 with USD 2,467 million (13.9% of total imports). This compares with USD 3,444 million (17.9% of total imports) in the same month of the previous year, and USD 1,574 million (9.6% of total imports) in the previous month of June. Global petrol prices are still comparatively low, to Turkey’s advantage, but may well increase in when and if global trade fully recovers. In July 2020, machinery and mechanical equipment came second with USD 2,138 million.

 

The top five countries to which Turkey exported in July 2020 are Germany (USD 1,458 million), UK (USD 963 million), USA (USD 942 million), Iraq (USD 732 million), and France (USD 694 million).

 

The top five countries from which Turkey imported in July 2020 are China (USD 1,911 million), Germany (USD 1,835 million), Russia (USD 1,279 million), Iraq (USD 1,260 million), and USA (USD 966 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 15.04% to TL 2,324.70 (USD 391) as of 01.01.2020       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate remains stable at 11.77% in August 2020       Turkey’s official unemployment rate increases to 13.4% in June 2020       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,154,997 as of 2019 yearend       Foreigners visiting Turkey in 2019 increase by 14.1% to a record 45.1 million       Turkey’s private sector foreign debt is USD 189.8 billion as of 2019 yearend       Turkey’s economy grew by 0.9% in 2019