Foreign Trade Deficit Reaches to 44 Billion Dollars in Istanbul

Foreign trade deficit in Istanbul increased to billion dollars
Foreign trade deficit in Istanbul increased to billion dollars

In Istanbul, exports decreased by 2020 percent, imports increased by 6.8 percent in 16.1; foreign trade deficit increased to 44 billion dollars. Exports to the European Union countries decreased 9.1 percent annually, while imports increased by 12.9 percent. The highest import was from China and the highest export was with Germany. The number of companies closed annually increased by 81.8 percent in the real estate sector, 68.2 percent in the transportation and storage sector, and 52.4 percent in the accommodation and food service sector.



The Istanbul Statistics Office, operating under the IMM Istanbul Plan Agency, published the February 2021 Real Markets Istanbul Economy Bulletin, which evaluates the real markets in Istanbul. The transactions that took place in 2020 were reflected in the figures as follows:

Foreign trade deficit increased to 44 billion dollars

In Istanbul, exports of 82 billion 748 million dollars and imports of 126 billion 831 million dollars were realized. The foreign trade deficit rose to 6.8 billion 16.1 million dollars annually, with exports falling 44 percent and imports increased by 83 percent. The foreign trade deficit decreased to 5 billion 831 million dollars in the total of other provinces except Istanbul. Istanbul's share in total exports decreased to 48,8 percent; Its share in total imports increased and became 57,8 percent.

Germany first

Exports to the European Union countries decreased 9.1 percent annually, while imports increased 12.9 percent; 35 billion 325 million dollars of exports and 46 billion 661 million dollars of imports were made. Germany ranked first in both exports and imports.

Imports from Arab countries increased by 53,1 percent

Exports with the Arab countries decreased by 1.7 percent annually to 15 billion 103 million dollars; imports increased by 53.1 percent and amounted to 13 billion 624 million dollars. In imports, Iraq ranked first with 51.7 percent, and the United Arab Emirates ranked second with 20.5 percent.

Most imports from China

The most imports were from China with 15 billion 149 million dollars. China was followed by Germany (14 billion 339 million dollars), Switzerland (7 billion 316 million dollars), Russian Federation (7 billion 83 million dollars). Germany, which ranked first with 7 billion 631 million dollars in exports, was followed by the United Kingdom (7 billion 108 million dollars), France (4 billion 265 million dollars) and the United States (3 billion 999 million dollars).

The share of precious base metals in imports increased

The share of imports of precious base metals and other non-ferrous metals rose to 21.4 percent, ranking first. The share of imports in the manufacture of refined petroleum products decreased to 4.4 percent. Imports in the manufacturing sector increased annually by 10.3 percent in high technology products, 19.1 percent in medium-high technology products, and 30.9 percent in medium-low technology products. There was a 16.7 percent decrease in imports of only low-tech products.

Most exports in the manufacture of motor vehicles

The highest exports were made from the manufacture of motor vehicles with 10 billion 488 million dollars. This sector was followed by clothing (8 billion 825 million dollars) and main iron and steel manufacturing (5 billion 675 million dollars), excluding fur.

The number of companies shut down in the real estate sector increased by 81.8 percent.

According to the Turkey Union of Chambers and Commodity Exchanges records, the number of companies which closed in 2020, annual 38.4 percent in Istanbul, increased 9 percent of the total while the remaining provinces outside Istanbul. In Istanbul, 81.8 percent in the real estate sector; in the transportation and storage sector, 68.2 percent; 52.4 percent increase was recorded in the accommodation and food service sector.

The number of companies with foreign capital established decreased by 17,8 percent annually to 6. 586% of these companies were Iranian, 9.3% Syrian and 3.9% Jordanian.

Reel preparing Markets Newsletter January 2021, Turkey Statistical Institute (TUIK), Turkey Union of Chambers and Commodity Exchanges (TOBB) and the Ministry of Commerce data were utilized.


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