Automotive Exports March 2021

Exports at
$169.5B for
pandemic-hit
2020
In 2020, when the COVID-19 outbreak
ravaged world economies and battered
supply chains, particularly in Turkey’s main
export destination, Europe, the country’s
foreign sales slipped around 6.3% on an
annual basis to $169.48 billion (TL 1.24
trillion), according to official data released.
Turkey’s imports last year rose 4.3% to
$219.4 billion, bringing the foreign trade
deficit to $49.9 billion, an increase of
69.1%, the country’s statistical authority,
the Turkish Statistical Institute (TurkStat)
said.
The export-import coverage ratio was
77.2% in 2020, down from 86% the
previous year. Among sectors, the
manufacturing sector was the best
performer with a share of 94.3% in overall
exports in 2020.
Meanwhile, the ratio of intermediate goods
in the year was 74.3%.
In 2020, Germany was Turkey’s main
partner in foreign trade, with $15.97 billion
in exports and $21.7 billion in imports.
Country-to-country trade balances showed
that Turkey had its largest deficit with
China – nearly $20.15 billion. Turkey’s
exports to European Union countries last
year were $69.96 billion, down 8.8%, while
imports were $73.27 billion, up 7.9%.
The share of high-tech products was 3.4%
of the country’s manufacturing exports for
the year, down from 3.5% on a yearly basis.
Foreign trade statistics are calculated using
two different methods: the special and the
general trade systems.
The general trade system is a wider
concept, including customs warehouses, all
types of free zones, free circulation areas
and premises for inward processing.
According to the special trade system,
exports were $160.5 billion in the year and
imports $209.4 billion.
Meanwhile, Turkey’s exports hit an all-time
monthly high of $17.84 billion in December.
The foreign sales of the country in the
month in question saw a 16% rise, while
imports were up 11.6% at $22.38 billion.
The deficit last month was $4.53 billion,
with a 3% yearly increase.
The headline figure, despite the severe
economic contraction and shrinking in
foreign demand in the country’s main
export markets, especially the EU, is the
exporters’ success, Trade Minister Ruhsar
Pekcan said at the time, congratulating
exporters for bearing a hard year.
Before the pandemic hit, Turkish exports
enjoyed their best January ever with a 13%
increase earlier last year, maintaining the
upward trend posted in 2019. Exports were
up 6.1% on an annual basis to $14.8 billion
in January 2020, according to the Turkish
Exporters Assembly’s (TIM) statements.
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