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.

Trade Deficit of Turkey

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.

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