Turkey’s exports up 5.6% y-o-y to reach $17.33B, while imports grow 8.5% to stay at $19.7B, trade minister says
Turkey’s exports reached $17.33 billion, increasing 5.6% year-on-year in October, the country’s trade minister announced on Monday, citing preliminary data.
The country posted the highest monthly export figure last month by surpassing $17 billion, Ruhsar Pekcan said.
Turkey’s imports reached $19.73 billion in October, up 8.5% versus the same month last year, she noted, adding that 87.8% of all imports were raw materials and investment goods.
The exports/imports coverage ratio reached 87.9% in October — the highest level of 2020, while the foreign trade volume of the country was $37.06 billion.
The October export figure confirmed that Turkey will weather the pandemic with the least damage possible and it will be among the countries recovering the fastest, she underlined.
The export trend in October is an indicator to show the country’s exports will continue to rise, Pekcan asserted.
In October, $2 billion of overall imports were gold imports, while gold-excluding imports were $17.8 billion last month, she stated.
Additional, Turkey’s imports excluding gold were $155.4 billion in the first 10 months of 2020, posting a decline of 5.1%, Pekcan said.
Gold, she said, is an investment tool with a capital value as well as a commodity trading, and recalled that the UK, one of the largest gold trading countries, has been sharing foreign trade data excluding gold since last February.
In the first 10 months of 2020, Turkey’s gold imports were $20.5 billion, she added.
Value-added exports increase
Ismail Gulle, the had of the Turkish Exporters’ Assembly (TIM), said apparel, furniture and carpet sectors saw the highest monthly export figures last month.
In October, 42,559 different companies made exports, he elaborated.
He also said that the exports of high-value-added products, with price over $10 per kilogram, in overall exports rose by 23% in the last month and reach $4.52 billion versus the same month last year.
The exports of the highest-value-added products over $50 per kilogram was $983 million in October.
As of the end of this year, Turkey’s exports will reach $165.9 billion, which is targeted in the country’s new economic program revealed last September, Gulle said.
The country will also reach the 2023 target of $214 billion, he added.
The automotive sector was the leader in exports with a $2.9 billion figure in October, Gulle said and noted that the apparel and chemicals sectors followed it with $1.86 billion and $1.72 billion, respectively.
All of three sector’s export posted annual increases in October, he added.
The highest annual increases were posted by jewelry (161%), cement-glass-ceramic products (21%) and apparel (20%) sectors in October, Gulle said in detail.
In the last month, Turkey made exports to 208 countries, while the chemical sector exported goods to 206 countries, he added.
Meanwhile, Turkey’s exports related to the COVID-19 pandemic such as face masks, medical ventilators, testing kits, and disinfectants rose 208% to reach $75 million last month.
In the first 10-month period, these products’ exports were $604 million, up 220% year-on-year, according to TIM data.