Minister of Trade Ruhsar Pekcan announced that December exports increased by 16 percent to $17.84 billion. Subject figure was the highest export figure for December of all time. Thus, Turkey’s economy closed the year 2020 with exports worth $ 169.6 billion. When looked at last year, the total foreign trade deficit was $49.9 billion.
Pekcan announced the temporary export and import figures for December at the 2020 Foreign Trade Evaluation Meeting.
Stating that 2020 was closed with a record level in exports, Pekcan said, “In December 2020, Turkish exports increased by 16 percent annually to $17.84 billion and became the highest monthly figure of all time.” Total exports in 2020 were announced as $169.5 billion respectively.
Imports on the other hand, increased by 11.7 percent in December to $22.4 billion. The total import figure in 2020 was $219.4 billion with an increase of 4.3 percent compared to the previous year. Finally, the foreign trade deficit was $4.6 billion in the month of December and was $49.9 billion in 2020.
According to the latest data revealed, the ratio of exports to imports was 79.6 percent in December and 77.3 in 2020.
Turkey’s current account is expected to record a deficit of $3.7 billion in November, a Reuters poll showed on Friday, as the estimate for the full-year deficit rose again.
Current account deficit forecasts raised
In the poll of 11 economists, forecasts for November ranged between deficits of $1.1 billion and $4.1 billion.
For the whole year, the median poll response of 11 economists was for a current account deficit of $37.7 billion, compared to $35 billion in last month’s survey, with forecasts ranging between $36 billion and $39.8 billion.
As the credit booms unwinds in a whimper and covid-19 related closures and social mobility restrictions limit economic activity, external deficits are expected to shrink as of 2Q2021. However rising energy prices, Turkey’s number one import item and a poor tourism season pose risks to the external deficit picture:
Turkey’s worst potential trouble will eventuate if the situation with the pandemic means the country cannot properly launch its tourism season in April. Losing huge amounts of tourism revenues for a second year would mean a tectonic collapse in the economy, commented BNA Intellinews.
Source: dunya.com, NASDAQ, ParaAnaliz
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