60 PERCENT OF TURKEY’S TRADE DEFICIT FROM 3 COUNTRIES
Following the protectionist policies of US President Donald Trump in trade, the eyes turned into countries’ foreign 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 $233 billion 792 million of import last year. With these numbers the foreign trade deficit of Turkey has been $76 billion 736 million.
In terms of Turkey’s foreign trade deficit three countries drew attention. China has been the major part of this deficit with a share of 27% which is $20.4 billion. This biggest share is followed by Russia and Germany. The 22% of the trade deficit has been with Russia with an amount of $16.8 billion and 8% with Germany which equals to $6.2 billion. The total trade deficit with these 3 countries is calculated as $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, 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
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, 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.