According to the leading September foreign trade data announced by the Ministry of Commerce within the scope of GTS (general trade system); Compared to the same month of the previous year, exports increased by 30% to 20.78 billion USD, while imports increased by 12.2% to 23.39 billion USD in the same period. In this context, the foreign trade deficit decreased by 46.41% in September to 2.60 billion USD.
In September, the country we exported to the most was Germany, followed by the US, England and Iraq. In import items; China took the first place in September 2021, followed by Russia, Germany and the US. When we look at the goods groups, there is a double-digit increase in exports of raw materials (intermediate goods), investment (capital) and consumer goods compared to the previous year. On the import side, despite the 16.9% increase in the raw material category, investment goods did not change much and consumption goods decreased by 4.7%.
With the driving force of the recovery in foreign demand, the strong increase effect in exports continues throughout the year. On the import side, an increase is seen compared to last year, although it comes after exports. On the import side, despite the normalization of gold imports, which had the highest impact last year, both the continuation of domestic demand and the price effect of the energy item, which has no elasticity of demand, cause the increase to continue. According to the chapter data, the weight of the groups with high energy and raw material weight in imports is observed.
In terms of current balance; The decrease in the foreign trade deficit with the strong effect of the increase in exports, as well as the positive effect of tourism-based service revenues are observed. We expect this composition to be supportive in terms of overall economic growth. In this context, we maintain the expectation of a decrease in the current account deficit. We expect a current account deficit of 20 billion USD throughout the year and a current account deficit / GDP ratio of 2.6%.
Kaynak Tera Yatırım-Enver Erkan
Hibya Haber Ajansı
Kaynak: Hibya Haber Ajansı
