Türkiye’s foreign trade deficit hit an all-time high for the first 9 months of the year, according to the Turkish Statistical Institute. According to the provisional foreign trade data, produced with the cooperation of the Turkish Statistical Institute and the Ministry of Trade, the foreign trade deficit was 87 billion 228 million dollars in the first 9 months with a 4.9% increase compared with January-September 2022. This was the highest first 9 months foreign trade deficit on record. In the same period, the export/import coverage ratio was 68.2%, while it was 69.3% in January-September 2022.
Exports down by 0.5%, imports up by 1.2% in the first 9 months
In the January-September 2023 period, exports were 187 billion 204 million dollars with a 0.5% decrease and imports were 274 billion 432 million dollars with a 1.2% increase compared with January-September 2022.
Deficit down by 47.8% year-on-year
In September 2023, the foreign trade deficit was 5 billion 12 million dollars with a 47.8% decrease compared with September 2022. In September 2023; exports were 22 billion 490 million dollars with a 0.5% decrease and imports were 27 billion 501 million dollars with a 14.6% decrease compared with September 2022. In September 2023, the export/import coverage ratio was 81.8%, while it was 70.2% in September 2022.
Exports, excluding energy products and non-monetary gold, were 20 billion 260 million dollars with a 2.3% decrease in September 2023. Imports, excluding energy products and non-monetary gold, were 20 billion 280 million dollars with a 1.5% decrease in September 2023. The foreign trade deficit, excluding energy products and non-monetary gold, was 19 million dollars in September 2023. Foreign trade volume was 40 billion 540 million dollars with a 1.9% decrease. Energy products and non-monetary gold excluded export coverage of imports was 99.9%.
USD/TRY hits a new all-time high
Dollar prices rose to 28.29 TRY in the morning hours after the data, thus renewing the highest level it had seen while Turkish markets were open. Euro prices, on the other hand, are trading above 30 TRY.