Turkey’s trade deficit falls 32.8 percent in January

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Official data showed Friday, Turkey’s trade deficit declined to $ 3 billion and 34 million in January 2021, down 32.8% year-on-year, as a result of the country’s high exports versus a drop in imports.

According to a report published by the Turkish State Statistics Institute (TurkStat), exports rose to 15 billion and 45 million dollars in January, an increase of 2.3 percent over the corresponding month 2020.

The new data of the Statistics Institute showed that Turkey’s imports fell to 18 billion and 79 million dollars in January, a decrease of 5.9 percent compared to the corresponding month 2019.

According to the institute, Turkey’s exports covered 83.2 percent of its imports in January 2021, up from 76.5 percent in January 2020.

The report stated that the trade balance, excluding energy products and non-monetary gold (gold that is not used as reserves by the monetary authorities and is not subject to their supervision), recorded a surplus of 9 million dollars in January, on an annual basis.

Excluding these products (energy and non-monetary gold), Turkey’s exports in January amounted to 14 billion dollars and 56 million dollars, an increase of 1.2 on an annual basis, while imports amounted to 14 billion 46 million dollars, an increase of 5.2 percent.

In January, manufacturing products accounted for the lion’s share of Turkish exports, with a rate of 93.8 percent, followed by agricultural, forestry and fishing products, mining and quarrying products, 4 percent and 1.7 percent, respectively.

The Statistics Institute said that Germany was the largest importer of Turkish products in January, with a value of one billion and 455 million dollars, followed by the United States of America with 933 million dollars, Italy with 864 million dollars, the United Kingdom with 813 million dollars, and France with 738 million dollars.

While China was Turkey’s largest supplier in January, with a value of two billion and 200 million dollars, followed by Russia with one billion and 829 million dollars, Germany with one billion and 511 million dollars, Iraq with 809 million dollars, and the United States with 729 million dollars.





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