Developments in Turkey’s External Merchandise Trade in the Fourth Quarter of 2021

12 January 2022

Developments in Turkey’s External Merchandise Trade in the Fourth Quarter of 2021

In 2021, Turkey’s exports were 225 billion 368 million dollars with 32.85% increase and imports were 271 billion 355 million dollars with 23.61% increase compared with 2020. In 2021, foreign trade volume was 496 billion 723 million dollars with a 27.64% increase compared with 2020. As of 2021, export/import coverage ratio realized as 83.1%, while it was 77.3% in 2020.
After a continuing strong performance over the first three quarters of 2021 (Figure 1), Turkish merchandise exports amounted to 64 billion 508 million US dollars in the fourth quarter of 2021 with an increase of 25.9% compared to the previous year. Meanwhile, merchandise imports increased by 23.4% and reached 78 billion 51 million US dollars (Figure 2). Foreign trade volume in the fourth quarter of 2021 realized as 142 billion 559 million US dollars with a significant increase of 24.5% compared to same period of the previous year. In the last quarter of 2021, the export/import coverage ratio reached to 82.6% from 81% of the last quarter of 2020.

Figure 1. Turkey’s Quarterly Merchandise Exports (Billion US Dollar)

Source: Ministry of Trade

Figure 2. Turkey’s Quarterly Merchandise Imports (Billion US Dollar)

Source: Ministry of Trade

In the last quarter of 2021, according to the broad economic activities categories classification (BEC), the export value of intermediate, consumption and capital goods were 32 billion 686 million US dollars, 24 billion 51 million US dollars and 7 billion 259 million US dollars, respectively. In the same period of 2021, the import value of intermediate, capital and consumption goods were 61 billion 911 million US dollars, 9 billion 729 million US dollars and 6 billion 333 million US dollars, respectively.
In the fourth quarter of 2021, Turkey exported motor vehicles (7 billion 76 million US dollars), machinery (5 billion 365 million US dollars) and iron and steel (5 billion 84 million US dollars) most. In the same period, mineral fuels and oils (19 billion 3 million US dollar), machinery (8 billion 452 million US dollars) and iron and steel (7 billion 434 million US dollars)  were what Turkey imported most.
In the last quarter of 2021, the main export destination for Turkish exports was Germany representing an export value of 5 billion 231 million US dollars (Figure 3). Germany was followed by the USA and United Kingdom with 4 billion 198 million US dollars and 4 billion 36 million US dollars of exports, respectively. In the same period of 2021, the top origin for Turkey's imports was China with 8 billion 720 million US dollars. The country was followed by Russia and Germany with 8 billion 489 million US dollars and 5 billion 394 million US dollars of imports, respectively.
 
Figure 3. The Main Partners for Export and Import in the last quarters of 2021 (Billion US Dollar)

Source: Ministry of Trade

Turkey’s strong export performance continued and outperformed world average in 2021. (Figure 4).

Figure 4. Quarterly Export Volume Index (2014 Q1=100, Seasonally Adjusted)

Source: World Trade Organization

Figure 5. Quarterly Import Volume Index (2014 Q1=100, Seasonally Adjusted)

Source: World Trade Organization