Page 20 - TURKRptMay20

5.0​ External Sector & Trade 5.1​ External sector overview
All four of Turkey’s most important foreign currency revenue sources are under threat from the coronavirus (COVID-19) pandemic, yet at the same time the Erdogan administration has set its face against going to the IMF for bailout funds, a columnist ​noted​ on April 18.
Exports, tourism, international ground freight transportation and international contracting services have all been hit by the coronavirus upheaval, wrote Zulfikar Dogan in Ahval.
He observed that in 2019 Turkey earned $171.6bn from exports; $34.5bn from tourism; $25bn from international ground freight transportation and $18bn from foreign contracting.
What’s more, despite a 9% decrease last year, foreign currency paid by Turkey towards imports came to $202.7bn, or 85% of its foreign currency reserves, to cover imports, he added.
5.2​ Balance of payments, current account 5.2.1 ​Import/export dynamics
2017
2018
2019
Q1
USD bn
y/y (%)
USD bn
y/y (%)
USD bn
y/y (%)
USD bn
y/y (%)
Balance
-77
37
-55
-28
-31
-44
-13
91
Exports
157
10
168
7
172
2
40
-4
Imports
234
18
223
-5
203
-9
53
9
Capital Good
33
-8
29
-12
26
-12
7
14
Intermediate
171
28
170
-1
158
-7
41
7
Consumption
28
2
23
-20
18
-19
5
20
source: tuik, trade ministry
20​ TURKEY Country Report​ May 2020 ​ ​www.intellinews.com