Turkey: Foreign trade deficit at 3.06 billion USD in April

Turkey: Foreign trade deficit at 3.06 billion USD in April
Turkey: Foreign trade deficit at 3.06 billion USD in April

According to the April GTS (General Trade System) foreign trade data announced by TURKSTAT in cooperation with the Ministry of Trade; Turkey's exports increased by 109.2% to 18.79 billion USD in April 2021 compared to the same period of the previous year, while imports increased by 61.1% to 21.84 billion USD in the same period. Thus, the foreign trade deficit decreased by 33.2% between April 2020 and April 2021 and became 3.06 billion USD. The ratio of exports to imports increased from 66.2% to 86% in the period in question.   While Germany is the country to which we export the most in April, it is followed by the USA, England and Iraq. Exports to the 27 countries that make up the European Union increased by 127.5% and reached 7.68 billion USD, while the share of the EU in our total exports increased from 37.6% to 40.9%. In import items; China took the first place in April 2021, followed by Russia, Germany and the USA. While the share of capital goods in total imports decreased in April, the share of intermediate (raw materials) and consumption goods increased. While the share of high technology products in our total exports was 3.1%, the share of imports of the same group in our total imports was 12.2%.   According to STS (Special trade system), Turkey's exports increased by 111.9% in April 2021 compared to the same period of the previous year and reached 17.85 billion USD, while imports increased by 67.7% to 20.88 billion USD in the same period has been realized. The ratio of exports to imports was 85.5% in the said period.   The increase in exports is heavily supported by the base effect, with data comparable to April 2020, when the worst effects of the pandemic were seen. On the other hand, exports in Europe and main regions, supported by the economic activity opened with the vaccination effect and the improved foreign demand, show a strong trend in the first 4 months of the year. In terms of domestic economic activity, the continuation of the normalization agenda has a very important place. In this context, it can be said that the components of domestic demand and external demand are heavily based on fighting the epidemic. On the other hand, on the import side, we observe the price-increasing effect of the increase in exchange rates and the rise in commodity and oil prices. Within the basic chapters of import; It is difficult to make an inference as there are abnormal effects in intermediate, capital goods, and consumer goods groups between comparative periods. However, the impact from exchange rates and energy prices does not help inflation by raising import costs and, naturally, the price of final goods transferred to the domestic market. In terms of current account deficit effect; It will be necessary to take into account the income levels to be obtained during the tourism season. A strong export and a possible normal tourism season will have a downward effect on CAD ,while  the increase in the import bill and possible downstream risks will have an upward pressure. Kaynak Tera Yatırım

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