Turkey’s foreign trade deficit increased by 73.2 percent in the first six months of 2020

* Photo: Pexels

The Turkish Statistical Institute (TurkStat) released the "Foreign Trade Statistics" for June 2020 today (July 29).

According to the provisional data jointly produced by the TurkStat in cooperation with the Ministry of Trade, in June 2020, exports were 13 billion 462 million dollars with a 15.7 percent increase and imports were 16 billion 308 million dollars with a 8.3 percent increase compared with June 2019.

In January-June 2020 period, exports were 75 billion 21 million dollars with 15.1 percent decrease and imports were 98 billion 895 million dollars with 3.2 percent decrease compared with January-June 2019.

Foreign trade deficit dropped in June

In June 2020, Turkey's foreign trade deficit was 2 billion 846 million dollars with a 17.0 percent decrease compared with June 2019. Exports coverage imports was 82.6 percent while it was 77.2 percent in June 2019.

Foreign trade deficit increased in January-June 2020

According to the TurkStat, in January-June 2020 period, foreign trade deficit was 23 billion 874 million dollars with a 73.2 percent increase compared with January-June 2019. In the same period, exports coverage imports was 75.9 percent while it was 86.5 percent in January-June 2019.

* Export, Import and Balance, June 2020

Manufacturing industries products in total exports

In June 2020, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.5 percent, 3.6 percent, 1.5 percent, respectively.

In January-June 2020, 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.

The ratio of intermediate goods in total imports

In June, according to Broad Economic Categories (BEC) classification, ratios of intermediate goods, capital goods and consumption goods in total imports were 73.7 percent, 14.7 percent, 11.4 percent.

In January-June 2020 period, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 75.7 percent, 13.7 percent, 10.3 percent, respectively.

The main partner for exports was Germany in June

In June 2020, the main partner country for exports was Germany with 1 billion 290 million dollars. It was followed by the United Kingdom (UK) with 1 billion 12 million dollars, the United States (US) with 790 million dollars, Iraq with 701 million dollars, and Italy with 628 million dollars. The ratio of the first five countries in total exports was 32.8 percent in June 2020.

In January-June 2020, the main partner country for exports was Germany with 7 billion 102 million dollars. It was followed by the US with 4 billion 619 million dollars, the UK with 4 billion 455 million dollars, Iraq with 4 billion 74 million dollars, Italy with 3 billion 602 million dollars. The ratio of the first five countries in total exports was 31.8 percent in January-June 2020.

The main partner for imports was China in June

In June 2020, the top country for Turkey's imports was China with 1 billion 935 million dollars. The country was followed by Germany with 1 billion 527 million dollars, Russia with 1 billion 183 million dollars, Iraq with 907 million dollars and the US with 779 million dollars. The ratio of first five countries in total imports was 38.8 percent in June 2020.

In January-June 2020, the top country for Turkey's imports was China with 10 billion 376 million dollars. It was followed by Germany with 9 billion 113 million dollars, Russia with 8 billion 731 million dollars, the US with 6 billion 61 million dollars and Italy with 3 billion 856 million dollars. The ratio of first five countries in total imports was 38.6 percent in January-June 2020.

Seasonally and calendar adjusted exports

In June 2020, seasonally and calendar adjusted exports and imports increased by 15.3 percent and 8.9 percent, respectively, compared with previous month. In June 2020, calendar adjusted exports and imports decreased by 6.4 percent and 9.3 percent compared with June 2019.

Exports of high-tech products in manufacturing

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 94.5 percent in June 2020. The ratio of high-technology products in manufacturing industries exports was 3.2 percent.

In January-June 2020 period, the ratio of high-technology products in manufacturing industries exports was 3.5 percent.

The ratio of manufacturing industries' products in total imports was 84.8 percent. The ratio of high-technology products in manufacturing industries' imports was 12.0 percent in June.

The ratio of manufacturing industries' products in total imports was 80.0 percent in January-June 2020. The ratio of high-technology products in manufacturing industries' imports was 13.4 percent in January-June 2020. (SD)