UPDATE – Turkey’s exports hit $169.5B in 2020

Turkish exports slipped 6.3% on an annual basis to $169.48 billion in 2020, a year when the coronavirus pandemic ravaged economies around the world, particularly in the country's main export destination, the EU.

Turkey’s imports last year rose 4.3% to $219.4 billion, bringing the foreign trade deficit to $49.9 billion, an increase of 69.1%, the country's statistical authority, TurkStat, announced on Friday.

The export-import coverage ratio was 77.2% in 2020, down from 86% the previous year.

Among sectors, the manufacturing sector was the best performer with a share of 94.3% in overall exports in 2020.

Meanwhile, the ratio of intermediate goods in the year was 74.3%.

In 2020, Germany was Turkey’s main partner in foreign trade, with $15.97 billion in exports and $21.7 billion in imports.

Country-to-country trade balances showed that Turkey had its largest deficit with China – nearly $20.15 billion.

Turkey's exports to EU countries last year were $69.96 billion, down 8.8%, while imports were $73.27 billion, up 7.9%.

The share of high-tech products was 3.4% of the country's manufacturing exports for the year, down from 3.5% on a yearly basis.

Foreign trade statistics are calculated using two different methods: the special and the general trade systems.

The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation areas, and premises for inward processing.

According to the special trade system, exports were $160.5 billion in the year, and imports $209.4 billion.

In December, Turkey’s exports saw a 16% rise to reach $17.85 billion, while imports were up 11.6% at $22.38 billion.

The deficit last month was $4.53 billion, a 3% yearly increase.

Source: Anadolu Agency