Turkey grapples with big trade deficit with China
Amid Washington’s trade war on China, Ankara is also grumbling about a massive trade gap with Beijing, but a number of factors stand in Turkey's way to resolve the deficit.
President Donald Trump has stepped up his trade war on China after the United States’ trade deficit in goods with China hit a record $419.2 billion last year. US exports to China were worth $120.3 billion, while its imports were 4.5 times bigger, totaling $539.5 billion. Turkey, saddled in relative terms with a worse trade deficit with China, has begun to openly complain about the imbalance and has raised the prospect of taking measures, but how much can it really do?
Last year, Turkey’s exports to China totaled $2.9 billion, while its imports were seven times bigger, standing at $20.7 billion. China was the 16th largest buyer of Turkish goods and the second largest exporter to Turkey after Russia. In 2017, China was the No. 1 exporter to Turkey, but in 2018 Turkish imports from China decreased 11.3% while its imports from Russia rose 12.7%, putting Russia in the top spot. Despite the downtick, Turkey’s trade gap with China remains massive, accounting for 33% of Turkey's overall foreign trade deficit of $55.1 billion.
