According to the leading August foreign trade data announced by the Ministry of Trade within the scope of GTS (general trade system); Compared to the same month of the previous year, exports decreased by 5.74% to 12.46 billion USD, while imports increased by 20.64% in the same period and amounted to 18.78 billion USD. In this context, the foreign trade deficit increased by 170% in the August period, reaching 6.31 billion USD.
Germany is the country to which we export the most in August, followed by the UK, USA and Iraq. In import items; China took the first place in August 2020, followed by Germany, Iraq and Russia. Looking at the goods groups, it is seen that while there is a decrease in the export of investment goods and raw materials, especially in the framework of the contraction in demand in the EU and the decreasing trade volume compared to the previous year, due to the epidemic conditions, while imports have increased by double digits in all categories (investment, raw materials, consumption).
While the global economic activity continues to recover in August as well, foreign trade volume and export outlook continue to be shaped along with the foreign demand outlook. In this context, on the export side, the effects of the contraction in EU economies due to the epidemic and the shrinkage in demand due to this are seen. Of course, this contraction is not at the levels of April and May with the economic normalization steps after June and the easing of measures. The decline in oil prices had a narrowing effect on energy-related exports and imports. During this period, our energy-related import bill decreased by 33.5% compared to the previous year. Excluding the gold item, our imports contracted by 0.3% on an annual basis in this period. This shows that the significant increase in gold imports was effective in the increase in our imports. Gold imports were realized as 4.08 billion USD in this period. The increase in physical gold demand due to the uncertainty of the pandemic period explains such an increase in gold imports in a period when the price per ounce exceeded 2000 USD.
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