Türkiye's foreign trade gap narrows

ANKARA

Türkiye's foreign trade gap shrank 17.5 percent year-on-year in October to $6.5 billion, the country's statistical authority said on Nov. 29.

The country's exports last month totaled $22.8 billion with a 7.4 percent increase and imports $29.39 billion with a 0.6 percent increase compared with the same period of last year, Turkish Statistical Institute (TÜİK) data showed.

The foreign trade deficit, excluding energy products and non-monetary gold, was at $1.5 billion in October.

Foreign trade volume was $42.8 billion, with an 11.5 percent increase. Energy products and non-monetary gold, excluding export-import coverage, was 93.2 percent.

While Germany was the main destination for Turkish exports, China was the main source of imports during the month.

Türkiye exported $1.8 billion worth of goods to Germany in October. The country was followed by Iraq with $1.3 billion, the United States with $1.2 billion, the United Arab Emirates with $1.1 billion and Italy with $1.1 billion.

Medium-high and high-tech's share of overall exports in October rose from 37.8 percent to 39.7 percent year-on-year.

During the first 10 months of the year, the trade balance was at minus $93.9 billion, up 3.2 percent on a yearly basis.

Türkiye's exports during the same period amounted to $209.9 billion and imports $303.8 billion.

The export-import coverage was 67.1 percent, while it was 68.7 percent in January-October 2022.