Turkey’s total trade balance for all products equaled a -US$49.9 billion deficit in 2020, down -50% from the -$99.9 billion in red ink during 2013. Year over year, Turkey’s -$49.9 billion trade deficit for 2020 represents a -68.9% increase from its -$29.6 billion deficit one year earlier during 2019.
To put Turkey’s most recent -$49.9 billion trade deficit metric into perspective, the country’s total external debt encompassing both public and private red ink equaled -$435.1 billion at September 2020. Consequently, Turkey’s external debt is the equivalent of roughly 9 times its negative international trade balance.
Top Turkish Trade Balances by Product and Country
- Product+
- Product-
- Country+
- Country-
Product+
The following 10 major products generated a surplus subtotal of $22.2 billion for Turkey in its global trade during 2020. Metrics listed below highlight Turkey’s strongest competitive advantages over worldwide trading partners.
- Trucks: US$3.3 billion (Up 19.9% since 2013)
- Jewelry: $2.8 billion (Up 4.9%)
- Iron or non-alloy steel bars, rods: $2.5 billion (Down -46.8%)
- Women’s clothing (not knit or crochet): $2.3 billion (Up 26.7%)
- Woven carpets/textile floor coverings: $2.22 billion (Up 20.1%)
- T-shirts, vests (knit or crochet): $2.16 billion (Down -30.6%)
- Jerseys, pullovers (knit or crochet): $.86 billion (Up 42.1%)
- Cars: $1.7 billion (Reversing a -$2.3 billion deficit in 2013)
- Miscellaneous furniture: $1.62 billion (Up 70.7%)
- Refrigerators, freezers: $1.616 billion (Up 12.9%)
Exported Turkish goods that generated the greatest percentage improvements in surpluses since 2013 were: trucks (up 70.7%), jewelry (up 42.1%), iron or non-alloy steel bars and rods (up 26.7%), unknit and non-crocheted women’s clothing (up 20.1%), woven textile floor coverings including carpets (19.9%) then knitted or crocheted t-shirts and vests (up 12.9%).
Product-
Country+
Country-
See also Turkey’s Top 10 Imports
Research Sources:
CEIC Data, External Debt (for specified countries). Accessed on February 17, 2021
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 17, 2021
International Trade Centre, Trade Map. Accessed on February 17, 2021
Investopedia, Net Exports Definition. Accessed on February 17, 2021
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on February 17, 2021