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: Ministry of Trade


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

Source: Ministry of Trade


In the third quarter of 2021, according to the broad economic activities categories classification (BEC), the export value of intermediate, consumption and capital goods were 29 billion 454 million US dollars, 20 billion 191 million US dollars and 6 billion 184 million US dollars, respectively. In the same period of 2021, the import value of intermediate, capital and consumption goods were 52 billion 789 million US dollars, 8 billion 496 million US dollars and 5 billion 830 million US dollars, respectively.
In the third quarter of 2021, Turkey exported motor land vehicles (5 billion 813 million US dollars), iron and steel (5 billion 179 million US dollars) and machinery (5 billion 73 million US dollars) most. In the same period, mineral fuels and oils (12 billion 795 million US dollar), machinery (7 billion 603 million US dollars) and iron and steel (7 billion 358 million US dollars)   were what Turkey imported most.
In the third quarter of 2021, the main export destination for Turkish exports was Germany representing an export value of 4 billion 716 million US dollars (Figure 3). Germany was followed by the USA and United Kingdom with 3 billion 757 million US dollars and 3 billion 437 million US dollars of exports, respectively. In the same period of 2021, the top origin for Turkey's imports was China with 8 billion 393 million US dollars. The country was followed by Russia and Germany with 7 billion 564 million US dollars and 5 billion 94 million US dollars of imports, respectively.

Figure 3. The Main Partners for Export and Import in the three 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, SA)

Source: World Trade Organization


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

Source: World Trade Organization