Foreign trade deficit shank in 2023: Data

ANKARA

Türkiye’s foreign trade deficit declined by 3.2 percent in 2023 from the previous year to $106 billion as the country’s exports climbed to an all-time high while exports declined.

Exports revenues inched up 0.6 percent to a record $255.8 billion, showed the data the Turkish Statistical Institute (TÜİK) unveiled on Jan. 31.

Imports stood at $361.8 billion last year, pointing to a 0.5 percent decline compared to 2022.

The export/import coverage ratio improved slightly from 69.9 percent in 2022 to 70.7 percent in 2023.

In its medium-term program, the government forecast that exports will rise to $267 billion this year, with the foreign trade gap falling to $105.8 billion.

Germany was Türkiye’s largest export market in 2023, followed by the U.S. and Iraq.

Shipments of goods to Germany and the U.S. amounted to $21 billion and $14.8 billion, respectively, while exports to Iraq stood at $12.8 billion.

Imports from Russia were $45.6 billion, while Türkiye purchased $44.98 billion worth of goods from China in 2023, according to the data. Germany ranked third at $28.7 billion, followed by Switzerland with $19.9 billion.

In December alone, the country’s exports rose by 0.4 percent year-on-year to $23 billion, but imports plunged 11 percent from a year ago to $29 billion.

Consequently, the foreign trade deficit came in at $6 billion, down 37.8 percent compared to December 2022.

Excluding energy and gold, imports amounted to $21.7 billion, falling 4.2 percent year-on-year. Excluding energy and gold, the foreign trade balance posted a surplus of $242 million in December.