Turkey's foreign trade deficit at $3.1 billion in April

Exports, which had dropped sharply in April 2020 due to the COVID-19 pandemic, increased by 109 percent as of April 2021, reaching 18.76 billion dollars.

Wednesday May 05 2021 03:37 pm

Duvar English

Turkey’s foreign trade data for April has been released, with the country's exports having increased by 109 percent to 18.8 billion dollars, compared to April 2020, according to the data. The April foreign trade deficit fell by 31.9 percent from 4.6 billion dollars to 3.1 billion dollars, compared to April 2020.

Exports amounted to 18.76 billion dollars as of April, according to the General Trade System (GTS). The foreign trade deficit shrank by 31.89 percent to 3.12 billion dollars, and the export-to-import ratio dropped to 85.7 percent the Trade Ministry announced.

Exports increased by 109.42 percent compared to the same month last year, reaching 18.76 billion dollars, according to ministry data. Despite the fact that the effects of the coronavirus pandemic on Turkey's and global economies have continued, the export value was the highest of all time in April.

In addition, imports rose by 61.41 percent to 21.88 billion dollars. In the same period, foreign trade volume increased by 80.37 percent, reaching 40.65 billion dollars. On the other hand, the foreign trade deficit shrank by 31.89 percent to 3.12 billion dollars.

The export-to-import ratio was calculated to be 85.7 percent, and the export-to-import ratio, excluding gold, was 85.6 percent, according to GTS data.

The raw materials group had the highest exports last month, with 9.51 billion dollars. Consumer goods came in second with 7.16 billion dollars, followed by investment goods with 1.93 billion dollars.

Motor vehicles, tractors, bicycles, motorcycles, and other land vehicles were the most exported section in April, with 2.1 billion dollars. Boilers, machinery, mechanical devices and tools, nuclear reactors, and iron and steel came in second and third, respectively, with 1.87 billion dollars and 1.28 billion dollars.

Most exports to Germany

Last month, the country with the most exports was Germany with 1.65 billion dollars, followed by the U.S. with 1.18 billion dollars, and the UK with 1.33 billion dollars.

Within the scope of GTS, exports increased by 8.2 percent over the previous 12-month period, reaching 186.76 billion dollars, while imports increased by 10.5 percent, reaching 233.19 billion dollars.

Exports increased by 111.63 percent to 17.83 billion dollars in April, according to the Special Trade System (TS), while imports increased by 68.01 percent to 20.91 billion dollars.

Foreign trade deficit down

While the foreign trade deficit decreased by 23.42 percent to 3.07 billion dollars, the foreign trade volume increased by 85.62 percent to 38.74 billion dollars.

In April, customs administrations collected a total of 23.98 billion liras in taxes. Compared to the same period in the previous year, foreign trade volume increased by 9.47 percent to 419.95 billion dollars. The export-to-import ratio was found to be 80.1 percent

Meanwhile, China was the source of the most imports during this period, with 2.41 billion dollars. Russia came in second with 2.17 billion dollars, followed by Germany with 2.13 billion dollars.