Foreign trade deficit at 4.13 billion USD in May


According to the foreign trade data of the GTS (General trade system) for May, which was announced by TURKSTAT in cooperation with the Ministry of Commerce; Turkey’s exports increased by 65.7% to 16.50 billion USD in May 2021 compared to the same period of the previous year, while imports increased by 54% to 20.63 billion USD in the same period. Thus, the foreign trade deficit increased by 20.2% between May 2020 and May 2021 and became 4.13 billion USD. The ratio of exports to imports increased from 74.3% to 80% in the said period.


While Germany was the country to which we exported the most in May, it was followed by the USA, England and Italy. While exports to the 27 countries that make up the European Union increased by 71.3% to 6.80 billion USD, the share of the EU in our total exports increased from 39.9% to 41.2%. In import items; China took the first place in May 2021, followed by Russia, Germany and the USA. While the share of capital goods in total imports decreased in May, intermediate (raw material) remained the same and the share of consumption goods increased. While the share of exports of high-tech products in our total exports was 2.7%, the share of the same group’s imports in our total imports was 11.4%.


According to STS (Special trade system), Turkey’s exports increased by 66.1% to 15.65 billion USD in May 2021 compared to the same period of the previous year, while imports increased by 51.2% to 19.32 billion USD in the same period. The ratio of exports to imports was 81% in the said period.


The strong base effect observed in April continued in May, although it decreased proportionally, and explains the high changes in exports and imports. The economic recovery in our main export markets also supports exports independently of the base effect. On the import side, risks continue to be bidirectional. Against the limitation that can be seen with the effect of tight monetary policies in credit growth and domestic demand; It can be mentioned that the effect of commodity and energy prices, as well as the increasing consumption effect of the post-opening period, increasing imports. At this point, it should be noted that gold imports, which were active in most of the last year, were not the driving force this year. While the high level of imports will pose an upward risk in terms of the current account deficit, we will be observing the reducing effect of tourism-based revenues that have been mobilized since July.


Kaynak TEra Yatırım
Hibya Haber Ajansı