The increase in consumer goods imports, led by automobiles, continues unabated in 2024. In the January-July period, imports of consumer goods increased by 13.7 percent compared to the same period of the previous year and reached USD 34.6 billion, 15 percent of total imports.
A comparison of imports and exports of consumption goods according to Turkish Statistical Institute (TurkStat) data within the scope of the General Trade System (GTS) reveals the extent of the increase more clearly. The ratio of imports of consumption goods to exports of consumption goods, which had declined during periods when Turkey’s exports accelerated, has been on the rise again in recent years. This ratio was 52 percent in 2013, when the GTS series were created. In the following years, it declined as a trend and hovered in the 30-40 percent range. However, with the impact of the boom in imports of consumption goods in 2023, the ratio of imports to exports in consumption goods rose to 52.5 percent and 57.6 percent in the January-July 2024 period.
As a country with an intensive manufacturing industry, Turkey imports a lot of raw materials, machinery and equipment in manufacturing and investment, but imports of consumer goods were limited. From time to time, imports of consumer goods may increase due to the intensification of investments or the effect of passenger cars, mobile phones and other end-consumer electronic products when the TRY is valuable. Notably, the increase in the January-August period continued on top of the 56.3 percent increase in 2023.
Expected to exceed USD 50 billion this year
In terms of amount, the increases in imports of consumption goods reached significant levels. In 2013, imports of consumer goods amounted to USD 33.6 billion. Before the pandemic, it declined to USD 21.2 billion in 2019 and remained at USD 25-30 billion until 2023. However, it reached USD 47.7 billion in 2023. As imports continue to increase this year, the USD 50 billion limit is expected to be exceeded. The main factor in the increase in imports of consumer goods is passenger cars. Moreover, the rapid increase in the unit price increase in these products has also stood out recently. According to the TurkStat unit price index, the overall unit price increase in consumer goods was 19.9 percent in 2019-2023, while the unit price increase in passenger cars was 23.1 percent.
A record increase in consumer goods imports is expected again this year. However, in 2023, the previous record year, the increase in passenger car imports was 127.95 percent compared to the previous year. Imports increased in all groups. Imports of durable consumer goods, especially white goods, in which Turkey has world-class manufacturing power, increased by 55.89 percent annually.
