Turkey’s trade deficit increases 72 percent in February

Turkey’s trade deficit increased by 72 percent to $2.981 billion in February according to initial foreign trade data released by Turkey’s Statistical Institute in cooperation with the Turkish  Ministry of Trade and Commerce.

Turkey’s exports increased by 2.3 percent to $14.653 billion and imports rose by 9.8 percent to $17.634 billion in February 2020 compared to the same month of the previous year.

During February 2019 the foreign trade deficit was $1.733 billion.

Turkey’s exports increased by 4.1 percent and import 14.3 percent during the January-February period.

The general trade system data shows that during the January-February of this year, exports rose by 4.1 percent to $29. 357 billion while imports rose to $36.841 billion – – 14.3 percent increase year on year.

According to the Turkish Statistical Institute, the foreign trade deficit increased by 86 percent from $4.023 in the first two months of 2019 billion to $7.484 billion in the first two months this year compared to last year’s same period.

Germany took first place in Turkey’s export market during the last month.

Ankara’s exports to Germany amounted to $1.341 billion dollars.

Turkey exported goods to Iraq worth $906 million while exports to the United Kingdom amounted to $857 million, to Italy it was $766 million and the exports to the US were worth $740 million.

Exports to the first 5 countries accounted for 31.5 percent of the total exports of Turkey.

Turkey’s biggest import bill was from Russia during the last month with imports worth $1.71 billion, followed by China ($1.7 billion), Germany ($1.6 billion), the U.S. ($1.13 billion), and Iraq ($750 million).

Turkey’s foreign trade statistics are calculated using the special and general trade systems. The general trade system includes customs warehouses, all types of free zones, free circulation areas, and premises for inward processing.

Turkey’s exports amounted to $167.92 billion in 2019 while imports totaled $171.53 billion for the same period.

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