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400bn ($48bn) in 2021, up from TRY200bn in 2020, according to Vodafone Turkey’s new CEO Engin Aksoy.
Some 36.5% of Turks used e-commerce in 2020, he also said.
According to data from the central bank, e-commerce volume in card payments grew 40% y/y to TRY266bn in 2020.
This year's e-commerce volume in card payments amounted to TRY117bn as of April 23.
Turkey’s airports served 23.9mn passengers in the first four months of 2021, marking a 29.1% y/y decline.
5.0 External Sector & Trade 5.1 External sector overview
Turkey’s data reliability is subject to widespread scepticism, and the BoP data is no exception. And, it is lagged.
However, it provides a basis for following up on more reliable data such as the foreign trade figures based on the special trade system (which excludes the re-exports of the country’s free-trade zones) provided by the trade ministry.
For Turkey’s tourism income under the services balance, national statistical agency TUIK releases some figures, but the number of foreign tourists as provided by the culture and tourism ministry is a more reliable indicator.
Under the financial account, a positive aspect of the dried-up foreign direct investment (FDI) inflows is that it is possible to track this account via home sales made to foreigners.
Home sales to foreigners.
Also under the financial account, in addition to the portfolio flows above, we can watch loan renewals.
USD million
2021 January
2021 February
2021 March
2021 April
CURRENT ACCOUNT
-1,855
-2,585
-3,329
GOODS (Trade Balance)
-1,907
-2,085
-2,959
Trade Balance
-3,586
-3,538
-4,812
-3,079
SERVICES (net)
558
542
767
Travel Income
603
498
742
18 TURKEY Country Report June 2021 www.intellinews.com