ANKARA - According to the Foreign Trade Statistics announced by the TurkStat for May, exports and imports decreased by 40.9 percent and 27.8 percent respectively. Foreign trade deficit was 3 billion 420 million dollars last month, marking a 102.7 percent increase.
The Turkish Statistical Institute (TurkStat) has released its Foreign Trade Statistics for May 2020, produced in cooperation with the Ministry of Trade.
According to the figures announced by the Institute, exports and imports decreased by 40.9 percent and 27.8 percent respectively in May.
The provisional data of the TurkStat and the Ministry have shown that, in May 2020, exports were 9 billion 967 million dollars with a 40.9 percent decrease and imports were 13 billion 387 million dollars with a 27.8 percent decrease compared with May 2019.
Exports and imports also decreased by 19.7 percent and 5.2 percent respectively in January-May 2020.
In January-May 2020 period, exports were 61 billion 586 million dollars with 19.7 percent decrease and imports were 82 billion 591 million dollars with 5.2 percent decrease compared with January-May 2019.
FOREIGN TRADE DEFICIT INCREASED BY 102.7 PERCENT
In May 2020, the foreign trade deficit was 3 billion 420 million dollars with a 102.7 percent increase compared with May 2019. In May 2020, exports coverage imports was 74.5 percent while it was 90.9 percent in May 2019.
In January-May 2020 period, foreign trade deficit was 21 billion 5 million dollars with a 102.8 percent increase compared with January-May 2019. In the same period, exports coverage imports was 74.6 percent while it was 88.1 percent in January-May 2019.
In May 2020, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 93.8 percent, 3.7 percent, 1.9 percent, respectively.
In January-May 2020 period, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.2 percent, 3.6 percent, 1.7 percent.
In May, according to the Broad Economic Categories (BEC) classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 76.7 percent, 14.5 percent, 8.4 percent, respectively.
In January-May 2020 period, according to the BEC classification, the ratios of intermediate goods, capital goods and consumption goods in total imports were 76.1 percent, 13.4 percent, 10.1 percent, respectively.
In January-May 2020 period, the main partner country for exports was Germany with 5 billion 812 million dollars.
The country was followed by the US with 3 billion 829 million dollars, the UK with 3 billion 445 million dollars, Iraq with 3 billion 375 million dollars, Italy with 2 billion 974 million dollars. The ratio of the first five countries in total exports was 31.6 percent in January-May 2020.
THE MAIN PARTNER FOR IMPORTS: CHINA
In May 2020, the top country for Turkey's imports was China with 1 billion 863 million dollars. The country was followed by Germany with 1 billion 231 million dollars, Russia with 1 billion 172 million dollars, the US with 764 million dollars and Italy with 483 million dollars. The ratio of first five countries in total imports was 41.2 percent in May 2020.
In January-May 2020, the top country for Turkey's imports was China with 8 billion 440 million dollars. It was followed by Germany with 7 billion 587 million dollars, Russia with 7 billion 548 million dollars, the US with 5 billion 282 million dollars and Italy with 3 billion 180 million dollars. The ratio of first five countries in total imports was 38.8 percent in January-May 2020.