NEWS ECONOMY NEWS        28/05/2021

Turkey’s foreign trade deficit is USD 3.1 billion in April 2021

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 3,058 million in April 2021, 33.2% lower than the figure for the same month of the previous year, and 34.4% lower than the deficit for the previous month of March 2021.

 

Exports totalled USD 18,786 million and imports totalled USD 21,844 million in April 2021. The export figure was a 109.2% increase and the import figure a 61.1% increase on the figures for the same month of the previous year. The export figure was 1% lower and the import figure 7.5% lower than the respective figures for the previous month of March 2021.

 

For the first four months of 2021, the trade deficit was USD 14,128 million, 19.7% lower than the figure for same period of the previous year. Exports totalled USD 68,739 million and imports totalled USD 82,867 million in the first four months of 2021. The export figure was a 33.1% increase and the import figure a 19.7% increase on the figures for the same period of the previous year.

 

For the total year of 2020, the trade deficit was USD 49,870 million, 69% higher than the figure for the previous year. Exports totalled USD 169,646 million and imports totalled USD 219,516 million in 2020. The export figure was a 6.2% decrease and the import figure a 4.4% 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 April 2021 with USD 2,109 million (11.2% of total exports), followed by the machinery and equipment sector with USD 1,886 million (10% 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 energy sector with USD 3,310 million (15.2% of total imports) led the imports table in April 2021, followed by the machinery and mechanical equipment sector with USD 2,538 million (11.6% of total imports), the iron and steel sector with USD 2,536 million (11.6% of total imports), the electrical machinery and equipment sector with USD 1,610 million (7.4% of total imports), the automotive sector with USD 1,556 million (7.1% of total imports), and the plastics sector with USD 1,553 million (7.1% of total imports). With regards the total year of 2020, energy sector imports were 13.2% of total imports, the precious stones and metals sector imports were 12.1% of total imports, the machinery and mechanical equipment sector imports were 11.5% of total imports, and the automotive sector imports were 7% of total imports. Energy sector imports had fallen 30.7%, the precious stones and metals sector imports had increased 98.9%, the machinery and mechanical equipment sector imports had increased 13.9%, and automotive sector imports had increased 52.7% compared with the previous year. The fall in energy sector imports in 2020 reflected the deepening of the on-going economic recession in Turkey.

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 7,680 million in April 2021, 127.5% higher than the figure for the same month of the previous year, but 2.3% lower than the previous month of March. The share of total Turkish exports to the EU was 40.9% in April 2021 compared with 37.6% 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 70,023 million, compared with USD 76,726 million in 2019, a fall of 8.7%.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in April 2021, with USD 1,654 million. USA followed with USD 1,184 million, UK with USD 1,043 million, Iraq with USD 924 million, Italy with USD 889 million, Spain with USD 780 million, and France with USD 773 million. With regards the full year of 2020, rankings were as follows: Germany (USD 15,979 million), UK (USD 11,236 million), USA (USD 10,183 million), Iraq (USD 9,142 million), Italy (USD 8,083 million), France (USD 7,195 million), and Spain (USD 6,684 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 April 2021 with USD 2,412 million, followed by Russia with USD 2,173 million, Germany with USD 2,129 million, USA with USD 1,099 million, Italy with USD 963 million, and France with USD 679 million. With regards the full year of 2020, rankings were as follows: China (USD 23,042 million), Germany (USD 21,733 million), Russia (USD 17,829 million), USA (USD 11,525 million), Italy (USD 9,200 million), Iraq (USD 8,202 million), Switzerland (USD 7,771 million), and France (USD 6,988 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 86% in April 2021, compared with 66.2% in the same month of the previous year. With regards the full year of 2020, the percentage of imports covered by exports was 77.3%  compared with 86% in the previous year.

 

Using the Special Trade System (STS) calculation method of foreign trade, Turkey’s foreign trade deficit in April 2021 was USD 3,023 million, a decrease of 24.8% on the same month of the previous year. Exports were USD 17,854 million, an increase of 111.9% on the same month of the previous year, and imports were USD 20,877 million, an increase of 67.7% on the same month of the previous year. The deficit for the full year of 2020 was USD 48,868 million, an increase of 56.4% on the previous year, exports were USD 160,665 million, a decrease of 6.3% on the previous year, and imports were USD 209,534 million, an increase of 3.4% 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 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