Turkey's foreign trade deficit doubled between January and May as exports fell by 20 percent. The monthly trade deficit also doubled in May, surpassing $3 billion.
Turkey's traditional Çubuk pickles saw a surge in both domestic and international demand curing the COVID-19 pandemic when probiotic foods became popular to counteract the illness' gastrointestinal symptoms, a local cooperative said. The Ankara district has already exported more pickles in 2020 than in all of 2019.
Turkey’s foreign trade deficit increased by 180 percent within the past year, as COVID-19 prevention measures decreased exports dramatically, with imports remaining stable. The ratio of exports to imports dropped by nearly 20 percent in the past year.
In those countries where it is presented as they have a “floating exchange rate regime,” if their central banks are intervening at the exchange rate, the name of this in economy literature is “fear of floating.”
Turkey will be using an intricate method of customs inspections that will delay imports, in an attempt to decrease the country’s foreign trade deficit. As exports have dropped significantly during the COVID-19 outbreak, Turkey’s import costs have opened a large budget deficit.
Today Turkey’s crisis is not only a health crisis followed by the coronavirus outbreak and an economic crisis triggered by it. Rather, it is a health crisis and an economic crisis triggered by it, on the top of an already ongoing economic crisis due to foreign currency debts of non-financial corporations. Cookie cutter applications of what may work elsewhere will not work in Turkey.
Lemon exports will require government approval until August 31, 2020, Turkey’s Official Gazette said April 7. The citrus fruit has become highly in-demand during the COVID-19 outbreak as consumers have hoarded the traditional Turkish alcohol-based lemon-scented cologne.
Turkey’s traditional lemon-scented cologne will now be subject to pre-approval by the Trade Ministry in an attempt to ensure domestic supplies of the alcohol-based disinfectant amid the coronavirus outbreak. Disinfectants, ethyl alcohol and hydrogen peroxide will also require ministry approval prior to export, the official gazette said March 18.
Turkey's Trade Ministry has placed protective medical gear like masks, bodysuits and gloves, on the list of items that need ministry pre-approval for being sold abroad, the official gazette said on Mar. 4. The export regulation comes amid a worldwide coronavirus outbreak that increased the global demand for such goods.