Developments in Turkey’s External Merchandise Trade in the Third Quarter of 2021
After a continuing strong performance in the first half of 2021 (Figure 1), Turkish merchandise exports amounted to 56 billion 72 million US dollars in the third quarter of 2021 with an increase of 29.4% compared to the previous year. Meanwhile, merchandise imports increased by 17.3% and reached 67 billion 252 million US dollars (Figure 2). Foreign trade volume in the third quarter of 2021 realized as 123 billion 325 million US dollars with a significant increase of 22.5% compared to same period of the previous year. In the third quarter of 2021, the export/import coverage ratio reached to 83.4% from 75.6% of the third quarter of 2020.
In January-September 2021 period, exports were 160 billion 979 million dollars with 35.97% increase and imports were 193 billion 360 million dollars with 23.73% increase compared with January-September 2020. In January-September 2021 period, foreign trade volume was 354 billion 339 million dollars with a 29.01% increase compared with January-September 2020. As of January-September 2021 period, export/import coverage ratio was 83.3%, while it was 75.8% in the same period of 2020. Despite the negative effects of the pandemic, exports started to recover in the third quarter of 2020 and realized an increasing trend afterwards. Merchandise exports realized as $ 49.9 billion in the first quarter, $ 55 billion in the second quarter and $ 56.1 billion in the third quarter of 2021 (Figure 1).
Figure 1. Turkey’s Quarterly Merchandise Exports (Billion US Dollar)


Source: World Trade Organization


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


Source: Ministry of Trade


Figure 3. The Main Partners for Export and Import in the first half of 2021 (Thousand US Dollar)


Source: Ministry of Trade