Last minute… TURKSTAT foreign trade deficit breaks yearly record!

SHAFAQNA TURKEY – Temporary foreign trade data for December last year and 2022, which was created in cooperation with the Ministry of Commerce and the Turkish Statistical Institute, has been released.

Accordingly, under the Common Trading System (GTS), exports increased by 3 percent to $22 billion 910 million in December 2022 compared to the same month of the previous year, while imports increased by 12.2 percent to $32 billion 612 million. .

137 percent increase in foreign trade deficit

The foreign trade deficit increased by 42 percent year on year in December 2022 to $9 billion 701 million. If in December 2021 the ratio of exports and imports was 76.5 percent, then last month it was fixed at 70.3 percent.

In January-December 2022, exports increased by 12.9 percent compared to the same period of the previous year and reached $254 billion 172 million, while imports reached $363 billion 711 million with an increase of 34 percent.

The foreign trade deficit increased last year by 137 percent, reaching $109 billion 539 million. If in 2021 the ratio of exports and imports was 83 percent, then last year it decreased to 69.9 percent.

Foreign trade excluding energy and gold

Last month, exports excluding energy resources and non-monetary gold increased by 2.7 percent to $21 billion 437 million, while imports increased by 0.5 percent to $21 billion 704 million.

The foreign trade deficit excluding energy and non-monetary gold in December 2022 amounted to $267 million. The volume of foreign trade increased by 1.6 percent and reached $43 billion 142 million. In this month, the ratio of exports and imports, excluding energy and gold, was 98.8 percent.

The share of the manufacturing industry is at the top

According to the announced data, when considering economic activity, the share of the manufacturing industry was 93.8 percent, the share of the agriculture, forestry and fisheries sector was 3.9 percent, and the share of the mining sector was 1.8 percent. export last month.

By types of economic activity, the share of manufacturing in exports last year was 94.6 percent, the share of agriculture, forestry and fisheries – 3.1 percent, the share of the mining sector – 1.8 percent.

As classified by broad economic groups, in December 2022, the share of intermediate goods was 75.8 percent, the share of capital goods was 13.8 percent, and the share of consumer goods was 10.3 percent.

Overall, for 2022, the share of intermediate goods was 80.4 percent, the share of capital goods was 11.1 percent, and the share of consumer goods was 8.4 percent.

Germany ranks first in exports, and Russia in imports

In December last year, Germany took first place among the countries to which exports were made, with 1 billion 807 million dollars. This country is followed by the US with $1 billion 381 million, Russia with $1 billion 313 million, Iraq with $1 billion 149 million and the UK with $1 billion 66 million. Exports to the first 5 countries accounted for 29.3 percent of the total exports.

In 2022, Germany ranked first in exports. While exports to Germany amounted to $21 billion 145 million, this country is followed by the US with $16 billion 882 million, Iraq with $13 billion 751 million, the UK with $13 billion 11 million and Italy with $12 billion 354 million. dollars. Exports to the first 5 countries accounted for 30.4 percent of the total exports.

Last month, Russia came out on top in terms of imports. While imports from Russia amounted to $4 billion 546 million, this country is followed by China with $3 billion 642 million, Germany with $2 billion 469 million, Switzerland with $2 billion 462 million and Italy with $1 billion 409 million. Imports from the top 5 countries accounted for 44.5 percent of total imports.

In January-December, Russia took first place in terms of imports. While imports from Russia amounted to $58 billion 853 million, this country is followed by China with $41 billion 354 million, Germany with $24 billion 33 million, Switzerland with $15 billion 335 million and the United States with $15 billion 229 million. Imports from the first 5 countries accounted for 42.6 percent of total imports.

According to seasonally and calendar adjusted series, exports increased by 6 percent and imports by 4.3 percent in December 2022 compared to the previous month. According to the calendar adjusted series, exports increased by 5.8 percent and imports by 15.1 percent last month compared to the same month of the previous year.

On the other hand, the share of high-tech products in manufacturing exports was recorded at 4.3 percent in December 2022 and 3.1 percent between January and December 2022.

Last month, the share of manufacturing products in total imports amounted to 75.8 percent. The share of high-tech products in the import of manufacturing products amounted to 10.5 percent. In January-December, the share of manufacturing products in total imports amounted to 71.8 percent, and the share of high-tech products in imports of manufacturing products for the same period was 9.8 percent.

Data from the private trading system

According to the Special Trading System (OTS), exports in December 2022 decreased by 1.6 percent compared to the same month of the previous year and amounted to $20 billion 793 million, while imports increased by 12.2 percent to $30 billion 750 million. .

Last month, the foreign trade deficit increased by 58.3 percent to $9 billion 956 million. If in December 2021 the ratio of exports and imports was 77.1 percent, then in December 2022 it decreased to 67.6 percent.

According to ÖTS, in 2022, exports increased by 10.1 percent compared to the previous year and reached $235 billion 236 million, while imports increased by 31.3 percent to $342 billion 213 million.

Last year, the foreign trade deficit increased by 127.2 percent and reached $106 billion 977 million. If in January-December 2021 the ratio of exports and imports was 81.9 percent, then in the same period of 2022 it decreased to 68.7 percent.