According to the February GTS (General trade system) foreign trade data announced by TURKSTAT in cooperation with the Ministry of Commerce; Turkey's exports increased by 25.4% to 20 billion USD in February 2022 compared to the same period of the previous year, while imports increased by 44.5% to 27.89 billion USD in the same period. Thus, the foreign trade deficit increased by 135.5% between February 2021 and February 2022 and became 7.88 billion USD. The ratio of exports to imports decreased from 82.7% to 71.7% in the said period.

 

While Germany is the country we export to the most in February, it is followed by the US, England and Italy. Exports to 27 countries that make up the European Union increased by 22.6% and reached 8.41 billion USD, while the share of the EU in our total exports decreased from 43% to 42%. In import items; Russia took the first place in February 2022, followed by China, Germany and the US. While the share of intermediate goods (raw materials) in total imports increased in February, the share of capital and consumption goods decreased. While the share of exports of high-tech products in our total exports was 2.8%, the share of the same group's imports in our total imports was 9.5%.

 

According to ÖTS (Private trade system), Turkey's exports increased by 25.2% in February 2022 compared to the same period of the previous year and became 18.84 billion USD, while imports increased by 42.4% to 26.46 billion USD in the same period. has taken place. The ratio of exports to imports was 71.2% in the said period.

 

While the chip crisis and the supply chain continue to have an impact on the global trade network, the rise in energy costs continues to have a decisive impact on the headline trade balance. In this context, we consider that the import price will continue to increase more than the export, within the framework of the increase in oil prices after March. While a large part of the trade deficit consists of the energy deficit, we continue to be in a positive position, especially in the balance with the EU, on the basis of exports. While foreign demand is supportive, supply problems and demand problems created by the Russian crisis may limit the export potential to some extent in the coming months. In this position, the performance in other export markets will be decisive. We attach importance to energy imports on the basis of the headline deficit and foreign demand on the basis of the core foreign trade deficit.

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