Foreign trade deficit continues to grow

SHAFAQNA TURKEY – The provisional foreign trade data for October, which was created in cooperation with the Turkish Statistical Institute and the Ministry of Commerce, has been released.

Accordingly, within the framework of the Common Trading System (GTS), exports increased by 3 percent compared to the same month of the previous year and reached $21 billion 328 million, while imports increased by 31.4 percent to $29 billion 202 million.

The foreign trade deficit in October increased by 421.7 percent compared to the same month of the previous year and reached $7 billion 874 million.

The export-to-import ratio dropped from 93.2 percent in October 2021 to 73 percent last month.

In January-October, exports increased by 15.4 percent compared to the same period of the previous year and reached $209 billion 394 million, while imports increased by 39.4 percent to $300 billion 443 million.

The foreign trade deficit in January-October increased by 168.3 percent and amounted to $91 billion 49 million.

If in January-October 2021 the ratio of exports and imports was 84.3 percent, then for the same period of the current year it decreased to 69.7 percent.

ENERGY IMPORTS INCREASED BY 12 PERCENT

Exports excluding energy resources and non-monetary gold increased by 1 percent in October from $19 billion 568 million to $19 billion 766 million.

In October, imports excluding energy resources and non-monetary gold increased by 12.8 percent from $16 billion 527 million to $18 billion 637 million.

The positive balance of foreign trade excluding energy resources and non-monetary gold in October amounted to $1 billion 129 million.

The volume of foreign trade increased by 6.4 percent and amounted to $38 billion 402 million. In this month, the ratio of exports to imports, excluding energy and gold, amounted to 106.1 percent.

SHARE OF INDUSTRIAL INDUSTRY IN EXPORTS 94.7 PERCENT

In the analysis of economic activity, the share of manufacturing in October was 94.7 percent, the share of agriculture, forestry and fisheries – 3.1 percent, and the share of the mining sector – 1.7 percent.

In terms of economic activity in January-October, the share of manufacturing in exports amounted to 94.7 percent, the share of agriculture, forestry and fisheries – 2.9 percent, the share of the mining sector – 1.8 percent.

According to the classification of broad economic groups, the share of intermediate goods in October was 79.3 percent, the share of means of production – 11.5 percent, the share of consumer goods – 9.1 percent.

In January-October, the share of intermediate goods amounted to 81.2%, capital goods – 10.8%, consumer goods – 8%.

GERMANY – FOR EXPORT, RUSSIA – FOR IMPORT

In October, Germany came out on top in exports with $1 billion 688 million. This country was followed by Iraq with $1 billion 418 million, the US with $1 billion 308 million, Russia with $1 billion 146 million and the UK with $1 billion 107 million.

Exports to the first 5 countries in October amounted to 31.3 percent of total exports.

In the period from January to October, the first place in exports was occupied by Germany. 17 billion 463 million dollars were exported to this country. Germany is followed by the US with $14.55 billion, Iraq with $11.302 billion, the UK with $10.908 billion and Italy with $10.209 billion.

Exports to the first 5 countries during this period amounted to 30.5 percent of total exports.

Russia ranked first in terms of imports. In October, 4 billion 989 million dollars were imported from this country. Russia is followed by China with $2 billion 850 million, Switzerland with $2 billion 384 million, Germany with $1 billion 963 million and the United States with $1 billion 215 million. Imports from the top 5 countries in October amounted to 45.9 percent of total imports.

In January-October, Russia took first place in terms of imports. Imports from this country amounted to 49 billion 626 million dollars. Russia is followed by China with $34 billion 591 million, Germany with $19 billion 327 million, the USA with $13 billion 22 million and Italy with $11 billion 456 million.

Imports from the first 5 countries for the first 10 months of the year amounted to 42.6 percent of total imports.

According to seasonally and calendar adjusted series, exports decreased by 2.9 percent and imports by 4.6 percent in October compared to the previous month. According to calendar adjusted series, exports increased by 2.6 percent and imports by 29.6 percent in October compared to the same month of the previous year. NTV