According to the GTS (General trade system) foreign trade data of July announced by TURKSTAT with the cooperation of the Ministry of Trade; Turkey's exports in July 2020 decreased by 5.8% compared to the same period of the previous year to USD 15.01 billion, while imports decreased by 7.9% in the same period to 17.71 billion USD. Thus, the foreign trade deficit decreased by 18.2% between the periods of July 2019 - July 2020 and reached 2.70 billion USD. The ratio of exports to imports increased from 82.9% to 84.8% in the period in question.
Germany is the country to which we export the most in July, followed by the UK, USA and Iraq. While exports to 27 countries that make up the European Union decreased by 6.1% to 6.28 billion USD, it is seen that the share of the EU in our total exports decreased from 42% to 41.9%. In import items; China took the first place in July 2020, followed by Germany, Russia and the USA. While the share of capital and consumption goods in total imports increased in July, the share of intermediate (raw materials) goods decreased. While the share of high technology products in our total exports was 2.9%, the share of imports of the same group in our total imports was 12.3%.
According to STS (special trading system) data, Turkey's exports decreased by 5.7% to 14.26 billion USD, in July 2020 compared to the same period of the previous year, while imports decreased by 6.6% in the same period to 17.14 billion USD. The ratio of exports to imports was 80.5% in the said period. The ratio of exports to imports was 83.2% in the said period.
After the pandemic conditions, exports, which we observed to have contracted sharply in the 2Q20 period, are trying to recover in the economic normalization period. On the other hand, in July, it is seen that the exports and imports were below the previous year. Nevertheless, the improvement in economic activity and external demand components in the phase after June seems more positive in terms of exports. The loosening of coronavirus measures after June and the acceleration in economic activity will reflect on this process. In contrast, second wave uncertainty and high number of cases of the virus still remain an element of uncertainty. On the import side, although the improvement in domestic demand conditions in a certain period of 3Q20 is positive, the effects of the depreciation of TRY on import volume and cost and the adverse effects of the increase in import taxes may be in question.
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