Turkey’s exported goods totaled $102.5 billion during the first 8 months of 2020. Assuming an annualized $153.7 billion in exports for all 2020, Turkey is on track for an estimated -10.1% drop in value for its shipments from 2019 to 2020.
Based on the average exchange rate for 2019, the Turkish lira depreciated by -106% against the US dollar since 2015 and declined by -14.7% from 2018 to 2019. Turkey’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
From a continental perspective, 56% of Turkish exports by value were delivered to European countries while 25.9% were sold to importers in Asia. Turkey shipped another 9.3% worth of goods to Africa and 5.6% to North American customers. Much smaller percentages of Turkish exports arrived in Latin America (1.6%) excluding Mexico but including the Caribbean, with 0.6% going to Oceania led by Australia, Marshall Islands and New Zealand.
The latest available country-specific data shows that 51.9% of products exported from Turkey were bought by importers in: Germany (9% of the global total), United Kingdom (6.3%), Italy (5.4%), Iraq (5.2%), United States (4.7%), France (4.5%), Spain (4.5%), Netherlands (3.2%), Israel (2.5%), Russia (2.3%), Romania (2.2%) and United Arab Emirates (2.1%).