TURKSTAT DATA
Turkey’s foreign trade deficit rises by 135.5 percent in February
* Photo: Tom Fisk / Pexels
The Turkish Statistical Institute (TurkStat), which produces provisional data on foreign trade in cooperation with the Ministry of Trade, released the "Foreign Trade Statistics" for February 2022 today (March 31).
According to the provisional data, exports were 20 billion 4 million dollars with a 25.4-percent increase and imports were 27 billion 885 million dollars with a 44.5-percent increase compared with February 2021.
In January-February 2022, exports were 37 billion 580 million dollars with a 21.4-percent increase and imports were 55 billion 733 million dollars with a 49.2-percent increase when compared with January-February 2021.
Exports, excluding energy products and non-monetary gold, were 19 billion 130 million dollars with a 25.5 percent increase in February.
Imports, excluding energy products and non-monetary gold, were 19 billion 690 million dollars with a 26.8-percent increase in February.
Foreign trade deficit, excluding energy products and non-monetary gold, was 560 million dollars in February. Foreign trade volume was 38 billion 820 million dollars with a 26.2-percent increase. Energy products and non-monetary gold excluded export coverage imports was 97.2 percent.
Increase in foreign trade deficit
The statistics have shown that in February 2022, the foreign trade deficit of Turkey was 7 billion 881 million dollars with a 135.5-percent increase when compared with February 2021. In February 2022, exports coverage imports was 71.7 percent, while it was 82.7 percent in February 2021.
In the January-February 2022 period, foreign trade deficit was 18 billion 153 million dollars with a 183.3 percent increase compared with January-February 2021.In the same period, exports coverage imports was 67.4 percent while it was 82.8 percent in January-February 2021.
Export, import and balance, February 2022 (Source: TurkStat)
Imports and exports by products
In February, by economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.4 percent, 3.4 percent, 1.5 percent.
In January-February 2022, by economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 93.9, 3.7 and 1.8 percent.
In February 2022, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 82.8 percent, 9.7 percent, 7.4 percent, respectively.
In January-February 202, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 83.4 percent,9.8 percent,6.8 percent, respectively.
Main partners for exports, imports: Germany, Russia
In February 2022, the main partner country for exports was Germany with 1 billion 785 million dollars. The country was followed by the US with 1 billion 299 million dollars, the UK with 1 billion 98 million dollars, Italy with 1 billion 85 million dollars and Iraq with 1 billion 70 million dollars. The ratio of the first five countries in total exports was 31.7 percent in February 2022.
In January-February 2022, the main partner country for exports was Germany with 3 billion 402 million dollars.
The country was followed by the US with 2 billion 519 million dollars, Italy with 2 billion 109 million dollars, the UK with 2 billion 45 million dollars, and Iraq with 1 billion 953 million dollars. The ratio of the first five countries in total exports was 32 percent in January-February 2022.
In February 2022, the top country for Turkey's imports was Russia with 3 billion 858 million dollars. The country was followed by China with 3 billion 176 million dollars, Germany with 1 billion 835 million dollars, the US with 1 billion 60 million dollars and India with 1 billion 58 million dollars. The ratio of the first five countries in total imports was 39.4 percent in February 2022.
In January-February 2022, the top country for Turkey's imports was Russia with 8 billion 496 million dollars.
The country was followed by China with 6 billion 270 million dollars, Germany with 3 billion 275 million dollars, the US with 2 billion 339 million dollars, Italy with 1 billion 780 million dollars. The ratio of the first five countries in total imports was 39.8 percent in January-February 2022.
Export of high-tech products: 2.8 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 94.4 percent in February 2022. The ratio of high-technology products in manufacturing industries exports was 2.8 percent.
The ratio of manufacturing industries products in total exports was 93.9 percent in January-February 2022. The ratio of high-technology products in manufacturing industries exports was 2.6 percent.
The ratio of manufacturing industries' products in total imports was 68.1 percent. The ratio of high-technology products in manufacturing industries' imports was 9.5 percent in February 2022. The ratio of manufacturing industries' products in total imports was 65.6 percent in January-February 2022. The ratio of high-technology products in manufacturing industries' imports was 9.7 percent in January-February 2022. (SD)
