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Turkiye's exports rise, imports fall; trade deficit narrows

05 Sep '23
1 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • Turkiye's foreign trade gap fell by 21.2 per cent year on year and by 27.4 per cent month on month to $8.9 billion in August.
  • Its exports rose by 1.6 per cent YoY to $21.6 billion, while imports fell by 6.3 per cent YoY to $30.5 billion.
  • Exports were worth $165 billion between January and August, driving the 12.1 per cent YoY rise in trade deficit to $82.4 billion.
Turkiye’s foreign trade gap fell by 21.2 per cent year on year (YoY) and by 27.4 per cent month on month (MoM) to $8.9 billion (TL 238.32 billion) in August this year, official data showed. Its exports rose by 1.6 per cent YoY to $21.6 billion in the month, while imports dropped by 6.3 per cent YoY to $30.5 billion.

Exports amounted to nearly $165 billion in the first eight months of the year, driving the 12.1 per cent YoY increase in trade deficit during the period to $82.4 billion.

Germany ($1.8 billion) continued to be the highest recipient of Turkish exports in August, followed by the United States ($1.3 billion), Iraq ($1.09 billion), the United Kingdom ($1.06 billion) and Italy ($877 million).

The country’s maximum imports were from China ($3.8 billion) in the month, followed by Russia ($3.4 billion), Germany ($2.56 billion), the United Arab Emirates ($2.08 billion) and Switzerland ($1.49 billion), according to Turkish media reports.

ALCHEMPro News Desk (DS)
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