Economy

Turkey's foreign trade gap at $2.85B in June, exports soar

Exports soared 47% year-on-year to reach nearly $19.8B, according to TurkStat

Yunus Girgin   | 30.07.2021
Turkey's foreign trade gap at $2.85B in June, exports soar

ANKARA

Turkey’s foreign trade deficit stood at $2.85 billion in June, the country’s statistical authority said on Friday.

In June 2021, the foreign trade deficit decreased by 0.2% compared with the same month last year, TurkStat said in a statement.

Turkey’s exports surged 47% year-on-year to hit $19.77 billion in June while imports went up 38.7% to reach $22.6 billion.

The exports-to-imports coverage ratio increased to 87.4% last month, versus 82.5% in June 2020.

This June, the country's main trading partner Germany received $1.7 billion worth of Turkish exports, or an 8.6% share of total exports.

It was followed by the US with $1.35 billion, the UK with $1.27 billion, and Italy with $1 billion, TurkStat said.

On the other side of the ledger, the top country for Turkey's imports last month was China with $2.85 billion, followed by Russia with $2.32 billion, Germany with $1.92 billion, and the US with $1.25 billion.

The foreign trade deficit in the first half of 2021 was $21.16 billion, down 11.4% from January-June 2020.

The country's exports stood at $104.9 billion, up 39.8%, while imports totaled $126.1 billion, rising 27.4% during the six-month period.

In the same period, the exports-to-imports coverage ratio was 83.2%, up from 75.9% in January-June 2020, TurkStat said.

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