TÜİK April 2021 Foreign Trade Analysis

According to TÜİK's general trade system accounting method, pharmaceutical exports in April 2021 decreased by 6.3% compared to April 2020, reaching USD 168.9 million. The ratio of pharmaceutical exports to imports stood at 31.8%. During the same period, overall Turkish export growth was at 109.2%.

Chart 1 - Monthly Pharmaceutical Export and Import Values (million USD)

As of April 2021, Turkey's exports in the first four months of the year increased by 33.1% compared to the previous period, while pharmaceutical exports reached USD 589.0 million with a 3.9% increase during the same period. During the same period, Turkey's imports increased by 19.7%, while pharmaceutical imports reached USD 2,329.1 million with an 18.6% increase. In the first four months, the ratio of pharmaceutical exports to imports stood at 25.3%, and the pharmaceutical trade deficit reached USD 1,740 million. When examining the 12-month period, Turkish exports increased by 8.2% compared to the previous period, while pharmaceutical exports reached USD 1,858.7 million with a 16.9% annual increase. During the same period, Turkey's imports increased by 10.5%, while the increase in pharmaceutical imports was 5.1%, reaching USD 6,004.9 million. The ratio of pharmaceutical exports to imports rose from 27.8% to 31.0%. The pharmaceutical trade deficit for the 12-month period reached USD 4,146.3 million. In April 2021, pharmaceuticals accounted for 0.90% of overall exports and 2.01% of overall imports. As a result of these developments, the pharmaceutical sector's share in the trade deficit in April reached 11.8%. In the first four months of 2021, pharmaceutical exports accounted for 0.86% of Turkey's exports, while pharmaceutical imports accounted for 2.81% of Turkey's imports. During the same period, pharmaceuticals' share in the trade deficit was 12.31%. As of April 2021, the 12-month pharmaceutical imports' share in Turkey's imports declined to 2.58%, while pharmaceutical exports' share in Turkey's exports rose to 1.0%. During the same period, pharmaceuticals' share in the trade deficit declined from 10.7% to 8.9%. When examining pharmaceutical raw material imports and finished pharmaceutical product exports, the contribution of the pharmaceutical industry to the country's economy becomes clearer. As of April 2021, in the first four months, finished pharmaceutical exports reached USD 573.1 million compared to pharmaceutical raw material imports of USD 280.8 million. In the 12-month comparison, pharmaceutical raw material imports stood at USD 808.2 million while finished pharmaceutical exports reached USD 1,802.8 million. On a monthly basis, the ratio of finished product exports to pharmaceutical raw material imports reached 262%.

As of April 2021, the top three destinations for pharmaceutical exports to 156 countries are South Korea, Azerbaijan, and Albania. The Asia region accounts for 50.2% of the most active pharmaceutical export market in April.

  During the same period, 73% of pharmaceutical imports from 85 countries originate from Europe, with Germany, Belgium, and Ireland ranking in the top three for imports. When examining pharmaceutical trade on a GTIP basis as of April 2021, 3004 - Medicaments prepared for therapeutic or prophylactic use (dosed) and 3002 - Blood products, serum, vaccines, toxins, etc. constitute the main items of our exports and imports.   Data sources used in the report: FEI, TÜİK