Turkey’s Foreign Trade Deficit Increased by 181.6 Percent in March

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* Photo: Anadolu Agency (AA)

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Jointly prepared by the Ministry of Trade and Turkish Statistical Institute (TurkStat), Foreign Trade Statistics for March 2020 were shared with the public by the TurkStat today (April 30).

The statistics have shown that Turkey’s foreign trade deficit increased by 181.6 percent in March 2020. While exports were 13 billion 422 million dollars, imports were 18 billion 813 million dollars. According to these figures, Turkey’s exports decreased by 17.8 percent and imports increased by 3.1 percent in comparison with the same month last year.

Other highlights from the report are as follows:

Exports coverage imports decreased

In January-March 2020 period, exports were 42 billion 749 million dollars with 4.0 percent decrease and imports were 55 billion 655 million dollars with 10.3 percent increase compared with January-March 2019.

In March 2020, foreign trade deficit was 5 billion 391 million dollars with a 181.6 percent increase compared with March 2019. In March 2020, exports coverage imports was 71.3 percent while it was 89.5 percent in March 2019.

In January-March 2020 period, foreign trade deficit was 12 billion 906 million dollars with a 117.3 percent increase compared with January-March 2019. In the same period, exports coverage imports was 76.8 percent while it was 88.2 percent in January-March 2019.

Highest ratio in exports: Manufacturing industries

In March, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.7, 3.3 and 1.5 percent respectively.

In January-March 2020 period, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.6, 3.5 and 1.5 percent respectively.

Ratio of intermediate goods in imports: 75.3 percent

In March, according to Broad Economic Categories (BEC) classification, ratios of intermediate goods, capital goods and consumption goods in total imports were 75.3, 13.6 and 11 percent respectively.

In January-March 2020 period, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 76.5, 12.7 and 10.5 percent respectively.

Main partner for imports and exports: Germany

In March 2020, the main partner country for exports was Germany with 1 billion 282 million dollars. The country was followed by USA with 880 million dollars, the United Kingdom with 801 million dollars, Italy with 541 million dollars and Spain with 507 million dollars. The share of the first five countries in total exports was 29.9 percent in March 2020.

In March 2020, the top country for Turkey’s imports was Germany with 1 billion 950 million dollars. The country was followed by China with 1 billion 420 million dollars, USA with 1 billion 417 million dollars, Russia with 1 billion 378 million dollars and Switzerland with 991 million dollars. The share of first five countries in total imports was 38.0 percent in March 2020. (HA/SD)

* Source: TurkStat

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