Turkey’s October exports posted 20.1% increase to USD 20.8 billion while the import growth was much muted at 12.8% to USD 22.2 billion. Foreign trade deficit contracted by 40.4% to USD 1.4 bn as the exports-imports coverage ratio improved to 93.5% from last year’s 87.8%.
The announced figure implies USD 3.0 bn CA surplus for October.
Such that year-to-date export growth reached 33.9% (USD 181.7 bn) outpacing the 22.5% growth in imports (USD 215.5 bn) recorded during January-October 2021. Hence the ytd foreign trade deficit at USD 33.9 bn contracted by 15.9% in a year’s time.
Exports, excluding energy products and non-monetary gold, were up by 19.8% to USD19.7bn in October while imports, excluding energy products and non-monetary gold posted a much-muted rise of 5.9% to USD16.5 bn. Hence, stripping energy products and non-monetary gold, Turkey posted foreign trade surplus to a tune of USD 3.1 bn.
Sorting data by economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 95.0%, 3.1%, 1.5%, respectively.
In January-October 2021 period, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.6%, 3.0%, 1.8%, respectively.
In January-October 2021 period, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 76.9%,13.4%,9.5%, respectively.
Turke’s main export markets stand out as Germany, USA, the UK, Italy and Iraq with the ratio of the first five countries in total exports as much as 31.1% in January-October 2021. Turkey’s imports partners are China, Russia, Germany, USA, and Italy with the top five making up for 40.1% of Turkey’s imports in January-October 2021.
