Turkey’s foreign trade deficit at 4.57 billion USD in December

According to the leading December foreign trade data announced by the Ministry of Commerce within the scope of GTS (general trade system); Compared to the same month of the previous year, exports increased by 15.97% to 17.84 billion USD, while imports increased by 11.75% to 22.41 billion USD in the same period. In this context, the foreign trade deficit decreased by 2.17% in December to 4.57 billion USD.

Germany was the country to which we export the most in December, followed by the UK, USA and Iraq. In import items; China took the first place in December 2020, followed by Germany, Russia and Italy. Looking at the goods groups, exports of investment goods, consumer goods and raw materials increased by double digits, while exports of consumer goods decreased. It is seen that imports increased by double digits and strong single digits in all categories (investment, consumption, raw materials).

 

The Covid-19 epidemic, which has affected the world since March, has also affected foreign trade volumes, and our exports fluctuated in a decreasing trend during this period, especially due to the deterioration in demand in export markets. Apart from this, we have seen that the increase in imports also exceeded the increase in exports in certain periods. The most important reason for this was the effect of increasing demand on imports during the economic normalization period and the increasing trend in gold imports throughout the year. Gold imports accounted for 26.59 billion USD of the total 219.43 billion USD imports made in the January - December 2020 period. This indicates a 12% share in total imports. In 2019, this rate was 6.35%. The increase in gold prices and the demand for protection from inflation explain this increase in gold imports.

 

While the continuation of the Covid epidemic still poses a risk to the outlook of our export markets, it will be possible to see our reflection on the import side of the limitation in demand. After Brexit, the signing of an FTA with England in a short time that will not increase the customs tariff for goods has been positive. After the epidemic effects felt in the first quarter, we will monitor the impact of the normalization process of the global economy on the recovery of demand in global markets for exports.

 

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Hibya Haber Ajansı

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