Turkey's foreign trade deficit increases to 3.3 billion dollars in February

According to the data announced by TÜİK and the Trade Ministry, there was a 10 percent increase in exports and imports in February as the foreign trade deficit increased to 3.3 billion from 3 billion dollars on an annual basis.

Wednesday March 31 2021 02:48 pm

Duvar English

Turkey's trade deficit reached 3.3 billion dollars in February, as the foreign trade deficit decreased by 16 percent to 6.35 billion dollars in the first two months of the year, according to data provided by the Turkish State Statistical Institute (TÜİK) and Trade Ministry.

Meanwhile, the country’s exports increased by 9.6 percent in February compared to the same month in the previous year, totaling 16.9 billion dollars, while exports increased by 9.4 percent, hitting 19.3 billion dollars.

According to the general trade system, exports increased by 5.9 percent to 31 billion dollars during the January-February period of 2021 compared to the same period of the previous year, while imports increased by 1.4 percent to 37.3 billion dollars.

Foreign trade deficit increases

The foreign trade deficit increased by 8.7 percent compared to the same month of the previous year and rose from 3 billion dollars to 3.3 billion dollars. The ratio of exports to imports also increased from 82.8 percent in February 2020 to 82.9 percent in February 2021.

In the January-February period of 2021, exports increased by 5.9 percent to 31 billion dollars, and imports increased by 1.4 percent to 37.3 billion dollars. The two-month foreign trade deficit decreased by 15.9 percent from 7.6 billion dollars to 6.3 billion dollars, while the ratio of exports to imports increased from 79.5 percent to 83 percent.

Exports, excluding energy products and non-monetary gold, increased by 9.7 percent in February from 13.9 billion dollars to 15.3 billion dollars. In February, imports increased by 17.9 percent from 13.1 billion dollars to 15.5 billion dollars.

During the same period, the foreign trade deficit, excluding energy products and non-monetary gold, was 224 million dollars. Foreign trade volume increased by 13.7 percent and reached 30.8 billion dollars. In February, the ratio of exports to imports, excluding energy and gold, was 98.6 percent.

Share of the manufacturing industry in exports 94.2 percent

The share of the manufacturing industry in exports was 94.2 percent while the share of the agriculture, forestry, and fishing sector was 3.6 percent and the share of the mining and quarrying sector was 1.8 percent.

In the January-February period, the share of the manufacturing industry was 94 percent, while the share of the agriculture, forestry, and fishing sector was 3.8 percent. Additionally, the share of the mining and quarrying sector stood at 1.7 percent while the share of high-tech products in manufacturing industry exports accounted for 3 percent

Exports to Germany in February stood at 1.4 billion dollars, followed by the UK with 965 million dollars, the U.S. with 917 million dollars, Italy with 833 million dollars, and France with 755 million dollars.

Exports to the top 5 countries on the export list accounted for 31 percent of total exports. In the January-February period, exports to Germany were at 2.9 billion dollars, followed by the U.S. with 1.8 billion dollars, the UK with 1.7 billion dollars, Italy with 1.6 billion dollars and France with 1.4 billion dollars.

2.2 billion dollars in import from China

In February, imports from China totaled 2.2 billion dollars, followed by Russia with 1.7 billion dollars, Germany with 1.7 billion dollars, Italy with 931 million dollars. and the U.S. with 850 million dollars.

Imports from the top 5 import partners made up 38.5 percent of total imports.

In the January-February period, imports from China stood at 4.4 billion dollars, followed by Russia with 3.5 billion dollars, Germany with 3.2 billion dollars, Italy with 1.6 billion dollars, and the U.S. with 1.5 billion dollars.