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 4.84% to 16.01 billion USD, while imports increased by 23.32% in the same period to 20.89 billion USD. In this context, the foreign trade deficit increased by 192.7% in the September period, reaching 4.88 billion USD.
Germany was the country to which we export the most in September, followed by England, USA and Italy. In import items; China took the first place in September 2020, followed by Germany, Russia and Switzerland. Looking at the goods groups, while there is an increase in investment and consumption exports, the contraction in raw material exports continues. It is seen that imports increased by double digits in all categories (investment, raw material, consumption).
Exports seem to have turned positive in September, with the effect of the ongoing economic recovery in the Euro Zone, following the contraction experienced for two consecutive months. On the import side, the strong upward trend continues. While gold imports had an effect on the increase rate of the previous month, an increase was observed on the imports excluding gold due to the continuing growth in economic activity. Although growth lost some momentum at the end of 3Q20, it was strong for the entire period. PMI indices remain in a growth position above the 50 threshold value in domestic and developed country economies, however, the tightening in financial conditions at local economy and Covid uncertainty in foreign economies may cause this recovery effect to lose momentum in the last quarter. On the import side, the increase in taxes on private consumption may have a limiting effect on demand. Increasing exchange rates are driving up costs. In terms of the level of demand in the domestic economy and its impact on imports, financial conditions and how long the impact of the pandemic will last will be important.
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