Page 29 - TURKRptDec20

5.0​ External Sector & Trade
5.1​ Balance of payments, current account
5.1.1 ​Import/export dynamics
Special Trade System
2017
2018
2019
Jan-Oct
Excluding free zones
USD bn
y/y (%)
USD bn
y/y (%)
USD bn
y/y (%)
USD bn
y/y (%)
Balance
-77
37
-55
-28
-31
-44
-40
63
Exports
157
10
168
7
172
2
128
-9
Imports
234
18
223
-5
203
-9
169
2
Capital Goods
33
-8
29
-12
26
-12
25
18
Intermediate
171
28
170
-1
158
-7
127
-3
Consumption
28
2
23
-20
18
-19
17
14
source: tuik, trade ministry
Turkey’s trade deficit, based on the special trade system which excludes re-exports via free economic zones, declined to $2.3bn in October from $4.8bn a month ago, but it was still up 25% compared to October 2019, trade ministry data ​showed​ on September 2.
Imports declined to $18.7bn in October from $20bn in September while exports rose to $16.5bn from $15.2bn.
The recovery in exports was mainly due to the demand recovery in Europe that followed the first wave of the coronavirus pandemic. The auto sector returned to being the top exporter industry with $2.48bn worth of sales in October, up from $1.57bn in September.
29​ TURKEY Country Report​ December 2020 ​ ​www.intellinews.com