Turkey's main partner for imports was Russia in January, according to TurkStat

* Photo: Tom Fisk / Pexels

The Turkish Statistical Institute (TurkStat), the state agency responsible for producing official statistics on Turkey, shared the "Foreign Trade Statistics" for January 2022 earlier today (February 28).

According to the provisional data compiled by the TurkStat and the Ministry of Trade, in January 2022, exports were 17 billion 587 million dollars with a 17.2-percent increase and imports were 27 billion 848 million dollars with a 54.2-percent increase compared with January 2021.

Exports, excluding energy products and non-monetary gold, were 16 billion 751 million dollars with a 19.6-percent increase in January 2022.

Imports, excluding energy products and non-monetary gold, were 18 billion 413 million dollars with a 31.1-percent increase in January 2022.

Foreign trade deficit, excluding energy products and non-monetary gold, was 1 billion 662 million dollars in January 2022.

The data have shown that foreign trade volume was 35 billion 164 million dollars with a 25.4-percent increase. Energy products and non-monetary gold excluded export coverage imports was 91 percent.

Foreign trade deficit: 234.9 percent annual increase

In January 2022, the foreign trade deficit was 10 billion 261 million dollars with a 234.9-percent increase compared with January 2021.

The same data have indicated that in January 2022, exports coverage imports was 63.2 percent while it was 83 percent in January 2021.

* Export, import and balance, January 2022

In January, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 93.3 percent, 4.1 percent, 2.1 percent.

In January 2022, according to the BEC classification (Classification of Broad Economic Categories), the ratios of intermediate goods, capital goods and consumption goods in total imports were 83.9 percent,10 percent, 6.1 percent, respectively, the data have shown

Main partner for imports: Russia

In January 2022, the main partner country for exports was Germany with 1 billion 618 million dollars. The country was followed by the USA with 1 billion 221 million dollars, Italy with 1 billion 25 million dollars, the United Kingdom with 948 million dollars and Iraq with 883 million dollars. The ratio of the first five countries in total exports was 32.4 percent in January 2022.

In January 2022, the top country for Turkey's imports was Russia with 4 billion 637 million dollars. The country was followed by China with 3 billion 95 million dollars, Germany with 1 billion 440 million dollars, USA with 1 billion 279 million dollars and Italy with 769 million dollars. The ratio of the first five countries in total imports was 40.3 percent in January 2022.

CLICK - Russia-Ukraine war: How will it affect Turkey's economy?

Seasonally and calendar adjusted exports

In January, while seasonally and calendar adjusted exports decreased by 4.9 percent imports increased by 10 percent compared with previous month. In January, calendar adjusted exports and imports increased by 16.8 percent, 51.9 percent respectively compared with January 2021.

According to the ISIC Rev.4, the ratio of manufacturing industries products in total exports was 93.3 percent in January. The ratio of high-technology products in manufacturing industries exports was 2.4 percent.

NOTE: Foreign trade by technology intensity covers the manufacturing industries' products in classification of ISIC Rev.4.

The ratio of manufacturing industries' products in total imports was 63.2 percent. The ratio of high-technology products in manufacturing industries' imports was 9.9 percent in January 2022. (SD)

* Click here for the full report