Econostrum | Economic News in the Mediterranean

Turkey increases its trade deficit by 69% in 2020

Written by Eric Apim on Tuesday, February 2nd 2021 à 15:35 | Read 390 times

The foreign trade deficit is widening in Turkey (photo: F.Dubessy)
The foreign trade deficit is widening in Turkey (photo: F.Dubessy)
TURKEY. According to data published on Friday 29th January 2021 by the Turkish Institute of Statistics (TUIK), Turkish exports fell by 6.3% in 2020 compared to the previous year, with a total of $169.48 bn (€140.46 bn), excluding energy products and non-monetary gold.
Germany was the country's leading customer ($15.7 billion in exports), followed by the United Kingdom ($11.23 billion), the United States ($10.84 billion), Iraq ($9.13 billion) and Italy ($8.75 billion). These five countries account for 32.2% of total exports. Products of manufacturing industries accounted for 94.3% of total exports in 2020, compared with 3.5% for forestry and fisheries and 1.7% for mining and quarrying.

The TUIK mentions a contraction of the market and demand linked to the Covid-19 to justify this decline.

On the other hand, imports increased by 4.3% to 219.39 bn$ (181.82 bn€). China is in first place with $23.20 bn, followed by Germany ($21.71 bn), Russia ($17.86 bn), the United States ($11.51 bn) and Italy ($9.19 bn). These five countries accounted for 38% of total imports.

Intermediate goods dominated imports with 74.3% of the total, followed by capital goods (14.5%) and consumer goods (11%).

Exports on the rise in January 2021

The trade deficit for the year 2020 therefore stands at $49.91 billion (€41.36 billion), an increase of 69.1% compared to 2019. "In the same period, exports cover imports to the tune of 77.2% compared to 86.0% in January-December 2019," TUIK points out.

However, the situation seems to recover in 2021. Turkish Trade Minister Ruhsar Pekcan revealed on Tuesday 2 February 2021 that Turkish exports were up by 2.5% in January 2021 compared to January 2020. They reached $15 billion (€12.43 billion), which would be the highest figure in the country's history for this month, according to her. At the same time, imports were down 5.6% to $18.1 billion (€15 billion). "The foreign trade deficit has therefore fallen by 32% on an annual basis to over $3 billion," Ruhsar Pekcan said. The minister forecasts $184 billion (€152.47 billion) in exports in 2021.

In addition to these results, Fatih Dönmez announced on Monday 1 February 2021 on the Twitter network that "the measures taken in all areas of energy in 2020 have not slowed down oil production". The Turkish Minister of Energy and Natural Resources indicated that oil production had increased by 1.5 million barrels in 2020 to reach 22.26 million (20.75 million in 2019). 16.61 million barrels were produced by the public sector against 5.65 million by the private sector.


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