Turkey has had a strong start to 2022, picking up where it left off last year, with exports reaching a new high in January, according to the commerce ministry.
However, energy imports nearly doubled in comparison to a year before, causing the country's trade imbalance to skyrocket, according to figures released by Trade Minister Mehmet Muş.
Muş told a gathering in the capital Ankara to present preliminary estimates that foreign sales increased 17.6% year on year to $17.6 billion (TL 236.82 billion) in January, an all-time quarterly high as per Turkey import-export data. Us stated that the export acceleration attained in 2021 has continued.
However, due to the extremely harsh winter weather and soaring energy prices, imports increased by 55.2 percent to $28 billion last month, according to the ministry.
The research and Turkey trade statistics revealed that energy imports accounted for about $9 billion of this total. Turkey's energy imports, which were $2.6 billion in January last year, started to flourish at the end of last year as demand increased and global energy costs rose. In December, they totaled $7.2 billion.
Turkey import data shows that Turkey is nearly entirely reliant on Russian, Azerbaijani, and Iranian energy imports to satisfy its energy demands. Due to a technical breakdown, Iran curtailed natural gas supplies last month, resulting in restricted electricity and gas production for Turkey's industrial zones.
In January, the country's trade imbalance increased by 240.7 percent year on year to $10.44 billion.
"Compared to the previous year, our international trade volume climbed by 38 percent to $45.6 billion in January," Muş remarked.
The increase in exports was fueled by a 57.8% gain in iron and steel exports, as well as a 2.5 percent increase in equipment and boiler exports and a 1.2 percent increase in automobile exports.
President Recap Tayip Erdogan wants his government's new economic policy, which focuses on low-interest rates, better exports, and credit, to lead to a current account surplus.
Turkey’s market analysis reports and Turkey import-export data reveal that Turkey's imports rose by about 33% year on year in 2021, reaching an all-time high of nearly $225.4 billion.
Imports increased by 23.6 percent to roughly $271.4 billion year over year, while overall international trade volume increased to $496.7 billion.
According to Erdogan, the country's end-of-year export objective has been revised upwards to $250 billion from roughly $230 billion.
Turkey's exports have reached all-time highs in 12 of the previous 13 months, after being battered by the epidemic in 2020, which hampered trade with Ankara's main trading partners.
Turkey Trade Statistics 2021
Based on Turkey Import statistics, Turkey's trade deficit in December 2021 was USD 6.79 billion, the highest since May 2018, as imports outpaced exports as commodity prices rose and the currency fell. Exports increased by 24.9 percent to a new high of USD 22.28 billion, boosted by sales of manufactured goods (25.8%) and agricultural commodities (16.2%), while mining and quarrying exports decreased (-2 percent).
Stats Related | Total Value | Unit | Reference Year |
Total Imports of Turkey | $29069.50 | USD Million | December-2021 |
Total Exports of Turkey | $22277.99 | USD Million | December-2021 |
Trade Balance | $-6791.16 | USD Million | December-2021 |
Current Account | $-3841 | USD Million | December-2021 |
Since 1947, Turkey's trade balance has been negative. The trade deficit grew by 36.8% to USD 76.7 billion in 2017, as imports increased by 17.7%, the highest rate since 2011, while exports increased at a slower rate of 10.2% according to Turkey import-export data.
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