Turkey’s exports rose 5.6% to reach $17.33 billion in October, on a yearly basis, the country’s statistical authority announced on Monday.
The country’s imports also posted an increase of 8.4% to reach $19.7 billion in the same month versus October 2019. Meanwhile, the foreign trade deficit was at $2.37 billion, up 34.4% annually.
MANUFACTURING SECTOR IS THE BEST PERFORMER
The export-import coverage ratio was 88% in October, down from 90.3% in the same month in 2019. Exports and imports — excluding energy products and non-monetary gold — were $16.43 billion (up 6.3%) and $15.6 billion (up 16.2%) in October.
“Foreign trade surplus, excluding energy products and non-monetary gold, was $829 million in October 2020,” TurkStat said. Among sectors, the manufacturing sector was the best performer with a share of 94.8% in overall exports in October.
In October, Germany was the main partner of Turkey in foreign trade, with $1.6 billion exports and $2.26 billion imports. The share of high-technology products was 3.5% in the country’s overall exports in October, up from 3.4% on a yearly basis.
Turkey’s exports were $135.6 billion, down 9.1% year-on-year in the first 10 months, while imports totaled $175.9 billion, increasing 2.2%. The trade balance posted a $40.72 billion deficit in January-October, up 76.2% on a yearly basis.