As imports continued to decline parallel with the economy’s slowdown, Turkey’s foreign trade deficit decreased by 33.6 percent to USD 54.9 billion in the first eight months of the year.
According to provisional data released by the Ministry of Trade, exports in August increased by 2.4 percent to USD 22.1 billion and imports decreased by 10.8 percent to USD 27 billion. The USD 500 million increase in the jewelry sector played an important role in keeping August exports positive.
In the first 8 months of the year, exports increased by 3.9 percent and imports decreased by 8.7 percent.
In January-August, exports increased by 3.9 percent to USD 170.80 billion and imports decreased by 8.7 percent to USD 225.66 billion. In August, foreign trade deficit decreased by 43.4 percent to USD 4.9 billion and by 33.6 percent to USD 54.9 billion in the January-August period. The ratio of exports to imports increased by 10.5 points to 81.7 in August and by 9.1 points to 75.7 in the January-August period.
Trade Minister Ömer Bolat emphasized that 1.3 percentage points of the 2.5 percent growth in the second quarter came from net exports of goods and services as a result of steps to increase exports and reduce imports. Noting that the foreign trade balance has started to improve, Bolat said, “While our foreign trade deficit decreased compared to the same month of the previous year, the ratio of exports to imports increased. Our foreign trade deficit decreased by 43.4 percent annually to USD 4.9 billion, the lowest level of the last 34 months. Our foreign trade deficit has decreased in 11 of the last 13 months.” Noting that service exports increased by 9.5 percent to USD 47.2 billion in the first six months, Bolat said, “We estimate that it will increase by 7.5 percent to approximately USD 71 billion in the eight months.”
- Imports from China exceeded USD 4 billion. Imports from China were 14.9% of the total.
- Most exports were made to Germany with USD 1.7 billion. Germany, whose share in exports was 7.6%, was followed by the US and the UK, Iraq and the UAE.
- 12-month exports totaled USD 262 billion.
- 17 sectors increased their exports, while nine industries experienced a decline.
- Jewelry was the sector that increased its exports the most with 108%.
- 48 provinces increased their exports last month.
- The contribution of 1,228 companies exporting for the first time was USD 85.5 million.
- Unit export value was USD 1.49.
- Parity effect was a plus of USD 62 million.
