The Turkish Statistical Institute and the Ministry of Trade have released provisional data indicating positive growth in Türkiye's trade sector for October 2023.

According to the general trade system, exports witnessed a notable 7.4% increase, reaching 22 billion 871 million dollars, while imports showed a modest 0.6% rise, totaling 29 billion 390 million dollars compared to October 2022.

For the January-October 2023 period, exports totaled 209 billion 904 million dollars, marking a 0.2% increase, while imports recorded a 1.1% uptick, reaching 303 billion 821 million dollars compared to the same period last year.

Notably, excluding energy products and non-monetary gold, exports increased by 4.6%, amounting to 20 billion 627 million dollars in October 2023. Imports in the same category surged by 18.8%, totaling 22 billion 135 million dollars.

Despite a 17.5% decrease in the foreign trade deficit in October 2023, which stood at 6 billion 519 million dollars, the January-October 2023 period reported a 3.2% increase in the deficit, reaching 93 billion 917 million dollars compared to the previous year.

In economic activities, the manufacturing industries dominated exports, accounting for 93.5% in October 2023 and 94.5% in the January-October 2023 period. Imports, classified by the BEC system, showed intermediate goods as the majority at 68.2% in October 2023 and 73.0% in the January-October 2023 period.

Germany emerged as the primary partner for exports in October 2023, contributing 1 billion 763 million dollars, followed by Iraq, the USA, UAE, and Italy. Similarly, in the January-October 2023 period, Germany remained the top export partner.

On the import side, China led the way in October 2023, contributing 3 billion 761 million dollars, followed by Russia, Germany, Italy, and the USA. For the January-October 2023 period, China retained its position as the top import partner.

In a closer look at technological intensity, high-tech products accounted for 4.1% of manufacturing industries exports in October 2023. According to the special trade system, October 2023 saw a 6.3% increase in exports (20 billion 730 million dollars) and a 0.2% increase in imports (27 billion 550 million dollars) compared to the same month in 2022.

While the October 2023 foreign trade deficit decreased by 14.8%, standing at 6 billion 819 million dollars, the January-October 2023 period reported a 5.4% increase in the deficit compared to the previous year.

These figures provide insights into Türkiye's trade dynamics, reflecting both global economic trends and the nation's position in the international market. (ILKHA)