Foreign Trade Deficit Declined

Foreign trade deficit has declined. Foreign trade deficit decreased by 33 percent in January.

Turkish Statistics Institute (TURKSTAT) announced the foreign trade statistics for January. According to the data announced by TURKSTAT, exports in January were recorded as 15 billion 45 million dollars with an increase of 2.3 percent compared to the same month of the previous year, and imports were recorded as 18 billion 79 million dollars with a decrease of 5.9 percent. The foreign trade deficit was realized as 3.03 billion dollars in January, with a decrease of 32.8 percent compared to the same period of the previous year. Economists who participated in the Bloomberg survey had expected foreign trade deficit to be $ 3.1 billion in January. The ratio of exports to imports increased from 76.5 percent in January 2020 to 83.2 percent in January 2021.   Most Exports Were Made To Germany Germany was the country with the most exports in January. While the export made to Germany was 1 billion 455 million dollars; USA followed Garmany with 933 million dollars, Italy with 864 million dollars, the United Kingdom with 813 million dollars and France with 738 million dollars. Trade with the top 5 countries accounted for 31.9 percent of the total export rate. In terms of imports, China ranked first in the list. While imports from China in January amounted to $ 2 billion 200 million, this country; Russia followed China with 1 billion 829 million dollars, Germany with 1 billion 511 million dollars, Iraq with 809 million dollars and the USA with 729 million dollars. Imports from the first 5 countries accounted for 39.1 percent of total imports.