Foreign trade deficit reaches $12.9B in first three months, official figures show
Turkish exports decreased 4% year-on-year in January-March period to reach $42.7 billion, while imports increased by 10.3% to stand at $55.6 billion, the country’s statistical authority announced on Thursday.
TurkStat said the foreign trade deficit increased by 117.3% in the first three months of the year.
“In January-March 2020 period, the foreign trade deficit was $12.9 billion with a 117.3% increase compared to the same period last year,” it noted.
In the same period, exports coverage imports were 76.8%, while it was 88.2% in January-March 2019.
In March, exports were $13.4 billion with a 17.8% decrease and imports were $18.8 with a 3.1% increase compared with the same month last year.
In the month, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.7%, 3.3%, 1.5%, respectively.
Also in March, the proportion of intermediate goods, capital goods and consumption goods in total imports were 75.3%, 13.6%, 11.0%, respectively.
Last month, Germany remained Turkey’s largest export destination, with exports totaling $1.2 billion.
The US, the UK and Italy were other largest export destinations with $880 million, $801 million, $541 million, respectively.
Germany was also the main source of Turkey’s imports last month with $1.9billion, followed by China ($1.4 billion), the US ($1.4 billion) and Russia ($1.3 billion).
Special trade system
Foreign trade statistics are calculated using two different methods: the special and the general trade systems.
The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation areas, and premises for inward processing.
According to the special trade system, exports were $12.6 billion in March 2020, and imports were $17.9 billion.
Exports coverage imports were 70.6%, while it was 87.7% in March 2019.
Meanwhile, the country’s exports decreased 4.2 % to reach $40.4 billion in the first three months of 2020, while imports increased 9.1% to reach $53.4 billion on a yearly basis.
In January-March 2020 period, the foreign trade deficit was $13.6 billion with a 91.7% increase compared with the same period last year.