Turkey’s foreign trade deficit rises to 3.3 billion dollars

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The Turkish Statistical Institute (TurkStat), the state agency commissioned with producing official statistics on the country, has released the "Foreign Trade Statistics" for February 2021 today (March 31).

According to the provisional data produced in cooperation with the Ministry of Trade, in February 2021; exports were 16 billion 9 million dollars with a 9.6 percent increase and imports were 19 billion 308 million dollars with a 9.4 percent increase compared with February 2020.

In the January-February 2021 period, exports were 31 billion 38 million dollars with 5.9 percent increase and imports were 37 billion 388 million dollars with 1.4 percent increase compared with January-February 2020.

Foreign trade deficit

In February 2021, foreign trade deficit was 3 billion 299 million dollars with an 8.7 percent increase compared with February 2020.

In February 2021, exports coverage imports was 82.9 percent, while it was 82.8 percent in February 2020.

In the January-February 2021 period, foreign trade deficit was 6 billion 350 million dollars with a 15.9 percent decrease compared with January-February 2020. In the same period, exports coverage imports was 83percent while it was 79.5 percent in January-February 2020.

Ratio of manufacturing industries

As indicated by the TurkStat, in February 2021, according to the 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, 1.8 percent, respectively.

In the January-February 2021 period, according to the economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94percent, 3.8 percent, 1.7 percent, respectively.

Ratio of intermediate goods in total imports

In February 2021, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 75.1 percent, 13.7 percent, 10.9 percent, respectively.

In January-February 2021, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 75.7 percent, 13.8 percent, 10.3 percent, respectively.

Main partners for import and export

In February 2021, the main partner country for exports was Germany with 1 billion 498 million dollars. The country was followed by the United Kingdom (UK) with 965 million dollars, United States (US) with 917 million dollars, Italy with 833 million dollars, and France with 755 million dollars. The ratio of the first five countries in total exports was 31 percent in February 2021.

In February 2021, the top country for Turkey's imports was China with 2 billion 241 million dollars. The country was followed by Russia with 1 billion 706 million dollars, Germany with 1 billion 701 million dollars, Italy with 931 million dollars and the US with 850 million dollars. The ratio of first five countries in total imports was 38.5 percent in February 2021.

Seasonally, calendar adjusted exports

In February 2021, while seasonally and calendar adjusted exports decreased by 1.9 percent, imports increased 1.1 percent compared with previous month. In February 2021, calendar adjusted exports and imports increased by 10.6 percent, 10 percent respectively compared with February 2020. (HA/SD)