Foreign Trade Deficit Became $ 3,4 Billion in May

exports declined on an annual basis, imports percent
exports declined on an annual basis, imports percent

According to the data of the Ministry of Commerce, exports fell by 40,9 percent annually and imports by 27,7 percent in March due to the corona virus effect. Exports increased by 10,84 percent in May compared to the previous month.


The Ministry of Commerce announced the foreign trade statistics of May; “According to GTS, our exports increased by 10,84 percent in May compared to the previous month and decreased by 40,88 percent compared to the same month of the previous year and reached 9 billion 964 million dollars.

The economic repercussions of the Covid-19 epidemic, which affected the whole world both socially and economically negatively since March, continued to affect our exports negatively in May.

As a matter of fact, due to the epidemic, unprecedented market and demand shrinkage in our major export countries, especially in the EU countries, and quarantine measures at the borders have been the main reason for the decline in our exports in May. The GDP of the euro area contracted by 3,8% in the first quarter, which corresponds to the highest rate of shrinkage since 1995 when data was announced on a quarterly basis. Similarly, it was announced that the US economy contracted by 5,0% beyond the expectations in the same period.

In addition, it is observed that the calendar effect negatively affected our exports and foreign trade volume in May. As a matter of fact, considering the May 19 Commemoration of Atatürk, Youth and Sports Day, Eid al-Fitr, curfews and weekend holidays, the number of working days decreased from 2019 days to 22 days in May 16. On the other hand, based on weekdays working day, the average daily export figure in April increased by 28,8% in May.

According to GTS, our exports, which declined compared to May 2019, when the highest exports were realized, are expected to rebound in June and around the world, with gradual normalization steps. We will continue to contribute to this recovery process intensively and effectively with digital economic policies such as virtual trade delegations and virtual fair organizations and supports, and alternative transportation routes and transportation methods initiated by our Ministry.

On the other hand, our imports decreased by 27,69% in May compared to the same month of the previous year and decreased to 13 billion 406 million dollars.

OUR FOREIGN TRADE DEFICIT IS 3,4 BILLION DOLLAR IN MAY

While our foreign trade deficit was realized as 3 billion 442 million dollars in May, our foreign trade volume decreased by 33,98% compared to the same month of the previous year and reached 23 billion 370 million dollars.

In addition, the import coverage ratio of our exports, which was 66,3% in April, rose to 74,3% in May. This figure was 74,6% in the January-May period.

FASIL “MOTOR LAND VEHICLES” THAT WE HAVE EXPORTED THE MOST EXPORT IN MAY

Our exports in “Motor Vehicles” section decreased by 58,12% in May and reached 1 billion 12 million dollars. Other chapters we exported most in May were “Boilers and Machinery” ($ 914 million) and “Precious Stones” ($ 569 million), respectively.

On the other hand, with the effect of the pandemic process, locomotive sectors, whose exports declined significantly in April, started to recover in May. Accordingly, exports of the automotive sector decreased by 73,3%, exports of the apparel industry by 56,3%, exports of the textile sector by 49,4%, and furniture sector exports by 42,5% compared to the previous month. With the gradual normalization in our export markets, exports increased by 95,5% in automotive, 45,4% in ready-to-wear, 35,5% in textile and 26,3% in furniture sector compared to April.

THE COUNTRY WE EXPORT TO GERMANY

In May, the countries we exported the most were Germany, the USA and Iraq respectively, while China, Germany and Russia took the first three places in imports. In May, our exporters managed to reach 206 different export markets.
With the effect of the pandemic process, significant export declines were experienced in April in our traditional export markets. According to this, in April, our exports were 50,2% to France, 38,1% to Belgium, 55% to the UK, 29,3% to the USA, 37,2% to Canada, in April compared to the previous month. There was a decrease of 29,3% and 35,8% to the Russian Federation.
In May, our exports were 71,5% to France, 57,9% to Belgium, 54,7% to the UK, 45,6% to the USA, 55,3% to Canada, and the Russian Federation compared to April. na increased by 15%.

OUR BIGGEST 3 TOP EXPORT MARKETS CREATE 24,1% OF OUR TOTAL EXPORT

According to GTS, while the top three countries that we export the most to make up 24,1% of our total exports as of May, the share of the top three countries to which we import the most was 31,8%.

On the other hand, due to the Covid-19 outbreak, Germany, Italy, Spain, France and the UAE were the top 5 countries in terms of value decrease in May in terms of value compared to the same period of the previous year. While the share of these countries in our total exports was 2019% in May 26,40, it decreased by 2020 points in May 5,3 to 21,14%. On the other hand, the decrease in our exports to these countries corresponds to 6% of the total decrease of 891 billion 34,01 million dollars in our exports in May.

Similarly, in May, our exports to the European Union countries decreased by 43,46% compared to the same month of the previous year and 4 billion 527 million dollars, while our exports to these countries accounted for 45,4% of our total exports.

2020% increase in exports to Azerbaijan, 23% to Switzerland and 46,8% to Venezuela were observed in May 138,5. In addition, the 1,24% increase in our exports to the USA, one of our most important export markets, is perceived as a forward-looking positive signal.

THE MOST USED TRANSPORTATION IN FOREIGN TRADE HAS SEA TRANSPORTATION.

Considering the transportation modes of the exports realized in May 2020, the most exports were made by “Sea Road” (5 billion 795 million dollars), whereas this transportation type was “Road Road” (3 billion 40 million dollars) and “Airway” transportation (1 billion). 2 million dollars).

Regarding the transportation modes of imports, the most import is done by "Seaway" (8 billion 231 million dollars), while "Airway" transportation (2 billion 397 million dollars) and "Land Road" (2 billion 218 million dollars) ) followed.

THE MOST PREFERRED PAYMENT TYPE OF GOODS ACCOUNTED IN EXPORT

Considering the preferred forms of payment in exports in May 2020; the most exports were made with “Payment Against Goods” (6 billion 99 million dollars), followed by “Cash Payment” (1 billion 573 million dollars) and “Documents Against Payment” (1 billion 71 million dollars).

Considering the preferred forms of payment in imports; While most imports were made with “Payment Against Goods” ($ 7 billion 88 million), this form of payment was followed by “Advance Payment” ($ 3 billion 382 million) and “Free” ($ 1 billion 65 million).

WE CONTINUOUSLY CONTINUOUS OUR WORK TO BE THE COUNTRY THAT IS MADE EASY AND SAFE.

As the Ministry, the “Authorized Responsible Practice”, which we have developed in line with the aim of being the easiest and safest trade country of our country, continues successfully. Within the scope of the said application, 502 firms, which managed to increase their competitiveness by making use of many facilities, constituted 2020% of our total exports and 28,01% of our total imports in May 30,82. The total foreign trade volume of our companies benefiting from the facilitating foreign trade practices offered by our Ministry has reached 2020 billion 6 million dollars in 923. (2 billion 791 million dollars export, 4 billion 132 million dollars import).

WE REALIZE OUR FOREIGN TRADE WITH OUR NATIONAL CURRENCY

With the call of the President, we continue to increase the use of our domestic and national currency unit in foreign trade. In May, the number of countries that we carried out our export transactions with our national currency was 160, while in the same period, our import transactions were realized with Turkish Lira with 99 countries.

In May 2020, the total of our foreign trade with Turkish Lira was 8 billion 373 million TL, of which 2 billion 926 million TL was exports and 5 billion 447 million TL was imports.

ACTIVE COMPANY NUMBER INCREASED

As of May 2020, the number of active firms operating in our country increased by 2 520 and 1 million 939 thousand 74 compared to the previous month, while limited companies constituted 44,6% of total active firms. As the Ministry, the number of people registered in the Hal Register System, which we developed and implemented successfully to ensure the stability in consumer prices and to provide confidence to our consumers, increased by 6,37% compared to the previous year, while the number of notifications in the system was 12 million 337 thousand.

SHARE OF THE TAX COLLECTED BY THE CUSTOMS ADMINISTRATION 22,27%

The tax amount collected by the customs administrations was 11 billion 904 million TL in May. In January-April period of 2020, while the total tax revenues of our country were 225 billion 224 million TL, the share of taxes collected by the Customs Authorities within the total tax revenues was 22,27%. The total amount of taxes collected by the Customs Authorities in 2020 was 62 billion 53 million TL.

THE NUMBER OF WOMEN'S TRADES INCREASED BY 22 THOUSANDS

At the end of May, the number of tradesmen and craftsmen operating in our country has reached 2 million 37 thousand 429. Since the beginning of 2020, the number of tradesmen and craftsmen has increased by approximately 95 thousand. We continue to take steps to strengthen our women's positions in the economy. As of the end of May, the number of women shopkeepers and craftsmen increased to 313 thousand 524, while the number of women shopkeepers increased by 22 thousand in the last year.

For Foreign Trade Data of May click here


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