Foreign trade deficit decreased by 17.5 percent in October compared to the same month of the previous year, from USD 7.90 billion to USD 6.52 billion. In the January-October period, the deficit increased by 3.2 percent from USD 91,44 billion to USD 93,92 billion.
According to the provisional foreign trade data produced within the scope of the general trade system in cooperation with the Turkish Statistical Institute and the Ministry of Commerce; exports increased by 7.4 percent in October 2023 compared to the same month of the previous year and amounted to USD 22.87 billion, imports increased by 0.6 percent to USD 29.39 billion. Thus, foreign trade deficit decreased by 17.5 percent to USD 6.52 billion in October.
Exports up 0.2%, imports up 1.1% in the first 10 months
According to the general trade system, exports increased by 0.2 percent in the January-October period of 2023 compared to the same period of the previous year and realized as USD 209.90 billion, imports increased by 1.1 percent and realized as USD 303.82 billion.
Germany biggest export market
Germany ranked first in exports in October. Exports to Germany amounted to USD 1 billion 763 million, followed by Iraq with USD 1 billion 322 million, the USA with USD 1 billion 254 million, the United Arab Emirates with USD 1 billion 115 million and Italy with USD 1 billion 110 million. Exports to the first 5 countries accounted for 28.7 percent of total exports.
In the January-October period, Germany ranked first in exports. Exports to Germany amounted to USD 17 billion 666 million, followed by the USA with USD 12 billion 261 million, Italy with USD 10 billion 269 million, Iraq with USD 10 billion 253 million and the United Kingdom with USD 10 billion 178 million. Exports to the first 5 countries accounted for 28.9 percent of total exports.
China ranked first in imports
China ranked first in imports. In October, imports from China were USD 3 billion 761 million, followed by the Russian Federation with USD 3 billion 233 million, Germany with USD 2 billion 606 million, Italy with USD 1 billion 344 million and the USA with USD 1 billion 247 million. Imports from the first 5 countries accounted for 41.5 percent of total imports.
In the January-October period, China ranked first in imports as well. While imports from China were USD 38 billion 156 million, this country was followed by the Russian Federation with USD 37 billion 937 million, Germany with USD 23 billion 796 million, Switzerland with USD 17 billion 707 million and the USA with USD 13 billion 87 million. Imports from the first 5 countries accounted for 43.0 percent of total imports.
