Macro Snapshot: Foreign Trade Statistics

Foreign trade deficit increased by 234.9% YoY to USD10.3bn in January (Dec.21: USD-6.8bn, Jan.21: USD-3.1bn) and increased by 15.6% MoM to
USD53.4bn in 12-month figures (2021: USD46.2bn).

SA foreign trade figures point to a monthly deficit of USD10bn, up by 59.7% MoM.

Exports at USD17.6bn, up by 17.2% YoY in January and at
USD227.9bn in last 12-month, up by 1.1% MoM (2021: USD:

Capital, intermediate and consumption goods recorded
18.7%, 22.2% and 9.3% of yearly increases, respectively.

The share of the European countries in Turkey’s exports is
around 54.3% in January (2013- 2021 Average: 54.8%).

Total imports increased by 54.2% YoY to USD27.8bn in January and increased by 3.6% MoM to USD281.2bn in last 12- month(2021: USD271.4bn).

Capital and intermediate goods recorded 10.2% and 69.7% of yearly increases whereas consumer goods decreased by 2.7% YoY.

In last 12-month, energy imports increased by 12.2% MoM to USD56,9bn (2021: USD50.7bn) whereas gold imports decreased by 14.3% MoM to USD4.7bn (2021: USD5.5bn). Accordingly, total imports excluding energy and gold
increased by 2% MoM to USD219.6bn (2021: USD215.2bn).

Turkey’s exports to Germany (which has the highest share in Turkey’s exports with 9.2%) increased by 11.5% YoY in 1M21.

Exports-to-imports ratio was 63.2% in January, lowest level since December 2017 (2021: 83.2%, 2013-2021 Average: 73.9%).

According to our calculation under the light of the announced trade deficit figure and foreign visitors
data, C/A could give deficit around USD8.2bn in January which could drive 12-month rolling C/A decifit from USD14.9bn in December to USD21.3bn in January.



Y. F. Securities Research