In January, according to the general trade system, exports increased by 3.5 percent and imports decreased by 22 percent. Accordingly, the foreign trade deficit decreased by 56.4 percent in January compared to the same month of the previous year, from USD 14.29 billion to USD 6.23 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 3.5 percent in January 2024 compared to the same month of the previous year and amounted to USD 19.99 billion, imports decreased by 22.0 percent to USD 26.22 billion.
The export/import coverage ratio increased from 57.5 percent in January 2023 to 76.2 percent in January 2024.
Exports excluding energy and gold up by 3 percent
Exports excluding energy products and non-monetary gold increased by 3 percent in January 2024, from USD 18.44 billion to USD 18.59 billion.
In January, imports excluding energy products and non-monetary gold decreased by 6.2 percent from USD 19.89 billion to 18.66 billion.
According to economic activities, in January 2024, the share of manufacturing industry in exports was 93.0 percent, the share of agriculture, forestry and fishing sector was 5.0 percent, and the share of mining and quarrying sector was 1.5 percent.
According to the classification of broad economic groups, the share of intermediate goods, capital goods and consumer goods in imports was 73.2 percent, 14.0 percent and 12.6 percent, respectively, in January 2024.
Germany is the biggest export market
Germany ranked first in exports in January. Exports to Germany amounted to USD 1.76 billion, followed by the USA with 1.22 billion, Iraq with 1.1 billion, the United Kingdom with USD 1 billion and Italy with USD 999 million. Exports to the first 5 countries accounted for 30.5 percent of total exports.
Russia ranked first in imports
In January, imports from the Russian Federation amounted to USD 4.32 billion, followed by China with USD 2.89 billion, Germany with 1.92 billion, the USA with 1.4 billion and Italy with USD 1.19 billion. Imports from the first 5 countries accounted for 44.7 percent of total imports.
