60 PERCENT OF TURKEY’S TRADE DEFICIT FROM 3 COUNTRIES
US President Donald Trump had been following a protectionist policy in trade. So this has turned eyes into countries’ foreign trade deficit and trade balances. Last year, about 60 percent of the $76.7 billion foreign trade deficit of Turkey, came up from three countries.
According to the data of Turkish Institution of Statistics (TÜİK), Turkey realized $157 billion 55 million of export. In response of this, it has realized $233 billion 792 million of import last year. So with these numbers, Turkey had a foreign trade deficit of $76 billion 736 million.
Countries that Turkey has Trade Deficit
In terms of Turkey’s foreign trade, three countries drew attention. China has been the major part of this gap with a share of 27% which is $20.4 billion. This biggest share is followed by Russia and Germany. Because the 22% of this has been with Russia with an amount of $16.8 billion. Also 8% with Germany which equals to $6.2 billion. The total trade gap with these 3 countries is $43.4 billion. In other words, about 60% of Turkey’s foreign trade deficit has been sourced from these 3 countries.
They are followed by South Korea and Switzerland with $6 billion. Besides these, India with $5.5 billion, Iran with $4.2 billion, Japan with $3.9 billion, USA with $3.3 billion and Malaysia with $2.9 billion.
Countries with Trade Surplus, then Trade Deficit
Turkey has realized its largest amount of trade surplus with Iraq last year with $7.5 billion. It is followed by United Arabian Emirates with $3.6 billion and United Kingdom with $3.1 billion.
Other countries forming the trade surplus of Turkey have been Israel with $1.9 billion. It is followed by Syria with $1.3 billion, Azerbaijan and Turkish Republic of Northern Cyprus with $1 billion. Georgia with $994 million, Algeria with $946 million and Slovenia with $777 million.