Turkey’s foreign trade deficit increased by 102 percent in May, says TurkStat

* Photo: Pixabay

The Turkish Statistical Institute (TurkStat) has released its Foreign Trade Statistics for May 2020, produced in cooperation with the Ministry of Trade.

According to the figures announced by the Institute, exports and imports decreased by 40.9 percent and 27.8 percent respectively in May.

The provisional data of the TurkStat and the Ministry have shown that, in May 2020, exports were 9 billion 967 million dollars with a 40.9 percent decrease and imports were 13 billion 387 million dollars with a 27.8 percent decrease compared with May 2019.

Exports and imports also decreased by 19.7 percent and 5.2 percent respectively in January-May 2020.

In January-May 2020 period, exports were 61 billion 586 million dollars with 19.7 percent decrease and imports were 82 billion 591 million dollars with 5.2 percent decrease compared with January-May 2019.

Foreign trade deficit increased by 102.7 percent 

In May 2020, the foreign trade deficit was 3 billion 420 million dollars with a 102.7 percent increase compared with May 2019. In May 2020, exports coverage imports was 74.5 percent while it was 90.9 percent in May 2019.

In January-May 2020 period, foreign trade deficit was 21 billion 5 million dollars with a 102.8 percent increase compared with January-May 2019. In the same period, exports coverage imports was 74.6 percent while it was 88.1 percent in January-May 2019.

Manufacturing industries products in total exports

In May 2020, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 93.8 percent, 3.7 percent, 1.9 percent, respectively.

In January-May 2020 period, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.2 percent, 3.6 percent, 1.7 percent.

Intermediate goods in total imports

In May, according to the Broad Economic Categories (BEC) classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 76.7 percent, 14.5 percent, 8.4 percent, respectively.

In January-May 2020 period, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 76.1 percent, 13.4 percent, 10.1 percent, respectively.

The main partner for exports: Germany

In May, the main partner country for exports was Germany with 919 million dollars. It was followed by the US with 882 million dollars, Iraq with 603 million dollars and the UK with 560 million dollars. The ratio of the first five countries in total exports was 33.9 percent in May 2020.

In January-May 2020 period, the main partner country for exports was Germany with 5 billion 812 million dollars.

The country was followed by the US with 3 billion 829 million dollars, the UK with 3 billion 445 million dollars, Iraq with 3 billion 375 million dollars, Italy with 2 billion 974 million dollars. The ratio of the first five countries in total exports was 31.6 percent in January-May 2020.

The main partner for imports: China

In May 2020, the top country for Turkey's imports was China with 1 billion 863 million dollars. The country was followed by Germany with 1 billion 231 million dollars, Russia with 1 billion 172 million dollars, the US with 764 million dollars and Italy with 483 million dollars. The ratio of first five countries in total imports was 41.2 percent in May 2020.

In January-May 2020, the top country for Turkey's imports was China with 8 billion 440 million dollars. It was followed by Germany with 7 billion 587 million dollars, Russia with 7 billion 548 million dollars, the US with 5 billion 282 million dollars and Italy with 3 billion 180 million dollars. The ratio of first five countries in total imports was 38.8 percent in January-May 2020.

Seasonally and calendar adjusted exports

In May 2020, seasonally and calendar adjusted exports and imports increased by 23.9 percent and 9.6 percent, respectively, compared with previous month. In May 2020, calendar adjusted exports and imports decreased by 31.2 percent and 16.7 percent compared with May 2019.

Ratio of exports of high-tech products: 3.8 percent

Foreign trade by technology intensity covers the manufacturing industries' products in classification of ISIC Rev.4. According to the ISIC Rev.4, the ratio of manufacturing industries products in total exports was 93.8 percent.

The ratio of high-technology products in manufacturing industries exports was 3.8 percent. In January-May 2020 period, the ratio of high-technology products in manufacturing industries exports was 3.6 percent.

The ratio of manufacturing industries' products in total imports was 82.1 percent. The ratio of high-technology products in manufacturing industries' imports was 12.3 percent in May 2020.

The ratio of manufacturing industries' products in total imports was 79.1 percent in January-May 2020. The ratio of high-technology products in manufacturing industries' imports was 13.7 percent in January-May 2020.

Figures according to the special trade system

According to the special trade system, in May 2020, exports were 9 billion 436 million dollars with a 40.8 percent decrease and imports were 12 billion 770 million dollars with a 28.3 percent decrease compared with May 2019.

In May 2020 foreign trade deficit was 3 billion 334 million dollars with a 77.3 percent increase compared with May 2019. Exports coverage imports was 73.9 percent while it was 89.4 percent in May 2019.

According to the special trade system, exports were 58 billion 176 million dollars with a 19.9 percent decrease and imports were 78 billion 693 million dollars with a 6.7 percent decrease compared with January-May 2019.

In January-May 2020 period, foreign trade deficit was 20 billion 516 million dollars with a 75.4 percent increase compared with January-May 2019. Exports coverage imports was 73.9 percent while it was 86.1 percent in January-May 2019. (SD)