Turkish exports up 6.4% in January

Turkey's exports totaled $14.76 billion in January, up 6.4% on a yearly basis, said the country's statistical authority on Friday.

TurkStat's data also showed imports totaled $19.2 billion, up 18.8% in January versus the same month last year.

In the month, the foreign trade deficit was $4.45 billion, a rise of 94.3% compared to the same period in 2019.

It added that in January 2020, the export-import coverage ratio was 76.8% versus 85.8% in January 2019.

TurkStat said the manufacturing sector's share of exports was 94.1%, while agriculture, forestry and fishing's share was 3.9%, and mining and quarrying's share was 1.7%.

The institute added that the share of high-tech products was 3% of manufacturing industries exports and 13% of imports.

Intermediate goods took the lion's share, with 78.1% of overall exports, followed by capital goods (12%) and consumption goods (9.4%).

In January, Germany remained Turkey's largest export destination, with exports totaling $1.4 billion.

Italy, the U.K., Iraq, and the U.S. were other top export destinations with $888 million, $869 million, $816 million and $746 million, respectively.

Russia was the main source of Turkey's imports last month with $2.08 billion, followed by China ($1.9 billion), Germany ($1.35 billion), the U.S. ($1.2 billion), and Iraq ($796 million).

Foreign trade statistics are calculated using two different methods: the special and the general trade systems.

The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation areas, and premises for inward processing.

According to the special trade system, exports were $13.9 billion in January 2020, and imports were $18.5 billion.