Turkey’s exports increased 17.2% on an annual basis to reach $50 billion in the first quarter of 2021, the country’s statistical authority said on Friday.
Imports during the January to March period were up 9.6% to reach $61.2 billion, leaving the foreign trade deficit at $11.4 billion, marking a fall of 15.2%, according to the Turkish Statistical Institute (TurkStat).
The export-import coverage ratio was 81.9% in the first quarter of 2021, up from 76.6% during the same period last year.
In March, exports soared 42.2% on a yearly basis to reach $19 billion, while imports were up 25.6% to reach $24 billion. The trade deficit in March stood at $4.6 billion, narrowing 14.9% on an annual basis.
Meanwhile, foreign trade deficit, excluding energy products and non-monetary gold, was 1.6B billion. The export-import coverage ratio in the month was 80.3%, while it was 70.9% in March 2020.
GERMANY TOP DESTINATION FOR EXPORTS
With a total volume of $4.6 billion, Germany was Turkey’s main partner for exports in the January-March period, followed by the US and the UK at $4 billion and $3 billion, respectively.
At $7.2 billion, China was the leading country for Turkey’s imports, followed by Russia and Germany with $6.8 billion and $5.4 billion, respectively.
“In January-March 2021 period, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.3%, 3.5%, 1.7%, respectively,” read the TurkStat update.
In the year’s first quarter, the ratio of intermediate goods, capital goods, and consumption goods in total imports was 75.3%, 14.2%, and 10.3%, respectively.
The ratio of manufacturing industries’ products in total imports was 79.2% during the January-March period, with the ratio of high-technology products in manufacturing industries’ imports at 13.3%.