Turkish exports up 6.4 percent in January

ANKARA - Anadolu Agency

Turkey's exports totaled $14.76 billion in January, up 6.4 percent on a yearly basis, said the country's statistical authority on Feb. 28.      

TÜİK's data also showed imports totaled $19.2 billion, up 18.8 percent in January versus the same month last year.      

In the month, the foreign trade deficit was $4.45 billion, a rise of 94.3 percent compared to the same period in 2019.      

It added that in January 2020, the export-import coverage ratio was 76.8 percent versus 85.8 percent in January 2019.     

TÜİK said the manufacturing sector's share of exports was 94.1 percent, while agriculture, forestry and fishing's share was 3.9 percent, and mining and quarrying's share was 1.7 percent.     

The institute added that the share of high-tech products was 3 percent of manufacturing industries exports and 13 percent of imports.      

Intermediate goods took the lion's share, with 78.1 percent of overall exports, followed by capital goods (12 percent) and consumption goods (9.4 percent).     

In January, Germany remained Turkey's largest export destination, with exports totaling $1.4 billion.     

Italy, the U.K., Iraq, and the U.S. were other top export destinations with $888 million, $869 million, $816 million and $746 million, respectively.     

Russia was the main source of Turkey's imports last month with $2.08 billion, followed by China ($1.9 billion), Germany ($1.35 billion), the U.S. ($1.2 billion), and Iraq ($796 million).     

Foreign trade statistics are calculated using two different methods: the special and the general trade systems.     

The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation areas, and premises for inward processing.     

According to the special trade system, exports were $13.9 billion in January 2020, and imports were $18.5 billion.