NEWS ECONOMY NEWS        02/06/2021

Turkey’s foreign trade deficit is USD 4.1 billion in May 2021 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 May 2021 was USD 4,149 million, 20.7% higher than the USD 3,436 million deficit figure for the same month of the previous year, and 35.7% higher than the USD 3,058 million deficit figure for the previous month of April 2021.

 

Exports were USD 16,480 million in May 2021, 65.5% higher than the figure for the same month of the previous year, but 12.3% lower than the figure for the previous month of April 2021. Imports were USD 20,629 million in May 2021, 54% higher than the figure for the same month of the previous year, but 5.6% lower than the figure for the previous month of April 2021

 

The percentage of imports met by exports was 79.9% in May 2021 compared with 74.3% in the same month of the previous year.

 

For the first five months of 2021, the foreign trade deficit was USD 18,276 million (a decrease of 13.1%), with exports recorded as USD 85,220 million (an increase of 38.4%) and imports as USD 103,496 million (an increase of 25.3%).  

 

With regards the total year of 2020, Turkey’s foreign trade deficit was USD 49,870 million, 69% higher than the deficit of USD 29,512 million figure for the previous year of 2019. Exports were USD 169,646 million, 6.2% lower, and imports were USD 219,516 million, 4.4% higher than the figures for the previous year. The percentage of imports met by exports was 77.3% in 2020 compared with 86% in the previous year.

 

The machinery and equipment sector with USD 1,648 million (10% of total exports) led the export table in May 2021, followed by the automotive sector with USD 1,534 million (9.3% of total exports) and the iron and steel sector with USD 1,333 million (8.1% of total exports).

 

The energy sector led the import table in May 2021 with USD 3,094 million (15% of total imports), followed by the machinery and mechanical equipment sector with USD 2,383 million (11.6% of total imports) and the iron and steel sector with USD 2,333 million (11.3% of total imports)

 

The top five countries to which Turkey exported in May 2021 are Germany (USD 1,405 million), USA (USD 1,149 million), UK (USD 1,105 million), Italy (USD 834 million), and Spain (USD 715 million).

 

The top five countries from which Turkey imported in May 2021 are China (USD 2,632 million), Russia (USD 2,074 million), Germany (USD 1,785 million), USA (USD 951 million), and Italy (USD 933 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