Import and Export Figures Rose in January

Import and Export Figures Show Growth in January In January 2022, exports rose 17.2% year-on-year to USD 17.587 billion, while imports increased 54.2% to USD 27.848 billion.According to provisional foreign trade data produced under the general trade system created through cooperation between the Turkish Statistical Institute (TÜİK) and the Ministry of Commerce, exports in January 2022 rose 17.2% compared to the same month of the previous year to USD 17.587 billion, while imports increased 54.2% to USD 27.848 billion. Exports excluding energy products and gold rose 19.6% in January, imports up 31.1% Excluding energy products and non-monetary gold, exports in January 2022 rose 19.6% from USD 14.006 billion to USD 16.751 billion. In January, imports excluding energy products and non-monetary gold increased 31.1% from USD 14.044 billion to USD 18.413 billion. The foreign trade deficit excluding energy products and non-monetary gold reached USD 1.662 billion in January. The foreign trade volume increased 25.4% to USD 35.164 billion. In that month, the export-to-import ratio excluding energy and gold stood at 91.0%.

Foreign Trade Deficit Rose 234.9% in January

In January, the foreign trade deficit increased 234.9% year-on-year from USD 3.064 billion to USD 10.261 billion. The export-to-import ratio fell from 83.0% in January 2021 to 63.2% in January 2022.

Manufacturing's Share of Total Exports Reached 93.3% in January

By economic activity, the share of manufacturing in exports in January 2022 was 93.3%, while agriculture, forestry and fishing accounted for 4.1% and mining and quarrying for 2.1%.

Intermediate Goods' Share of Total Imports Reached 83.9% in January

By broad economic classification, intermediate goods' share of imports in January 2022 was 83.9%, capital goods 10.0% and consumer goods 6.1%.

Germany Led Exports in January

Germany ranked first in exports in January. Exports to Germany reached USD 1.618 billion, followed by the United States with USD 1.221 billion, Italy with USD 1.025 billion, the United Kingdom with USD 948 million and Iraq with USD 883 million. Exports to the top 5 countries comprised 32.4% of total exports.

Russian Federation Led Imports

The Russian Federation ranked first in imports. In January, imports from the Russian Federation totaled USD 4.637 billion, followed by China with USD 3.095 billion, Germany with USD 1.440 billion, the United States with USD 1.279 billion and Italy with USD 769 million. Imports from the top 5 countries comprised 40.3% of total imports.

Exports Fell 4.9% Based on Seasonally and Calendar-Adjusted Data

Based on seasonally and calendar-adjusted data, exports in January 2022 declined 4.9% compared to the previous month, while imports increased 10.0%. Based on calendar-adjusted data, exports in January 2022 increased 16.8% and imports 51.9% compared to the same month of the previous year.

High-Technology Products' Share in Manufacturing Exports Reached 2.4%

In January, manufacturing products' share of total exports was 93.3%. High-technology products' share in manufacturing exports was 2.4%. In January, manufacturing products' share of total imports was 63.2%, while high-technology products' share in manufacturing imports was 9.9%.

Exports Under Special Trade System Reached USD 16.690 Billion in January 2022

Under the special trade system, exports in January 2022 increased 17.2% year-on-year to USD 16.690 billion, while imports rose 50.6% to USD 26.831 billion. In January, the foreign trade deficit increased 183.2% from USD 3.580 billion to USD 10.141 billion. The export-to-import ratio fell from 79.9% in January 2021 to 62.2% in January 2022.