Exports at $21.6 billion in August, rising slightly

ANKARA

Türkiye’s exports increased by 1.6 percent in August from a year ago to stand at $21.62 billion, the data from the Trade Ministry have shown.

“Despite the earthquake disaster and the slowdown in the global economy, our exports maintain their durable course,” said Trade Minister Ömer Bolat, noting that it was the all-time-high August export volume.

In the period ahead, the ministry will continue “its efforts to expand the range and volume of our exports, strengthen our trade diplomacy and make our country a center of attraction for investments,” Bolat wrote on X, formerly Twitter.

In August, the country’s imports fell 6.3 percent year-on-year to $30.5 billion after rising 10.5 percent in July, according to the data from the ministry.

Consequently, Türkiye’s trade balance posted a deficit of $8.9 billion last month, shrinking 21.2 percent from August 2022.

The export/import coverage ratio was 70.9 percent in August. Excluding energy and gold imports the coverage ratio was unchanged at 91.3 percent, the ministry said.

The top three export markets were Germany at $1.8 billion, the U.S. at $1.32 billion and Iraq at $1 billion. Shipments to the European Union stood at $8.52 billion, while imports from the bloc were $8.54 billion.

Imports from China and Russia amounted to $3.8 billion and $3.4 billion, respectively. Türkiye also purchased $2.6 billion worth of goods from Germany last month.

Intermediate goods imports of Türkiye plunged 15.6 percent to $21.8 billion but consumer goods imports soared 44.1 percent year-on-year to $4.1 billion. Capital goods imports exhibited an annual rise of 20 percent to $4.52 billion.

From January to August, exports amounted to $164.9 billion, marking a 0.4 percent increase from a year ago. Imports grew 3.5 percent to $247.3 billion, leading to a foreign trade deficit of $82.4 billion, up 12.1 percent year-on-year.