Turkey: Foreign trade deficit at 2.85 billion USD in June

According to the foreign trade data of the GTS (General trade system) for June, which was announced by TURKSTAT in cooperation with the Ministry of Commerce; Turkey's exports increased by 46.9% in June 2021 compared to the same period of the previous year and became 19.78 billion USD, while imports increased by 38.7% to 22.63 billion USD in the same period.

According to the foreign trade data of the GTS (General trade system) for June, which was announced by TURKSTAT in cooperation with the Ministry of Commerce; Turkey's exports increased by 46.9% in June 2021 compared to the same period of the previous year and became 19.78 billion USD, while imports increased by 38.7% to 22.63 billion USD in the same period. Thus, the foreign trade deficit decreased by 0.2% between June 2020 and June 2021 and became 2.85 billion USD. The ratio of exports to imports increased from 82.5% to 87.4% in the said period.

 

While Germany was the country to which we exported the most in June, it was followed by the USA, England and Italy. Exports to 27 countries that make up the European Union increased by 49.4% to reach 8.25 billion USD, while the share of the EU in our total exports increased from 41% to 41.7%. In import items; China took the first place in June 2021, followed by Russia, Germany and the USA. While the share of capital goods and intermediate goods (raw materials) in total imports increased in June, the share of consumption goods decreased. While the share of exports of high-tech products in our total exports was 2.8%, the share of the same group's imports in our total imports was 12.9%.

 

According to STS (Special trade system), Turkey's exports increased by 47.6% to 18.81 billion USD in June 2021 compared to the same period of the previous year, while imports increased by 38.1% to 21.88 billion USD in the same period. has taken place. The ratio of exports to imports was 86% in the said period.

 

Although exports and imports developed more moderately compared to previous months, they maintain their strong upward trend. While the acceleration in imports continues within the framework of the relatively strong domestic demand, the elimination of the determinant effect of gold imports on imports, contrary to the previous year, further limits this growth rate. However, within the framework of the increase in energy prices, the headline import side continues to be affected by an increase. We will continue to monitor the determinant effect of domestic demand on import trends in core goods groups. Tightness in financial conditions and some macroprudential measures may have a limiting effect. The export item continues to be positive. Here, especially the economic recovery in Turkey's main trading partners is an indicator of strong foreign demand. The continuation of public health risks within the framework of the delta variant is an element of reservation regarding the said picture. We expect the rate of increase in exports and imports to continue in the following months, albeit slightly more limited.

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