Türkiye’s terms of trade fell to 90.0 in August from 94.3 a year earlier as import prices rose faster than export prices, the Turkish Statistical Institute said on Tuesday.

The export unit value index rose 8.5% year-on-year, while the import unit value index increased 13.7%, pushing the terms of trade down by 4.3 points.

Export unit values rose 47.1% for fuels, 10.9% for crude materials excluding fuels, 7.4% for food, beverages and tobacco, and 5.1% for manufactured goods excluding food, beverages and tobacco.

Import unit values increased 35.9% for fuels, 12.5% for crude materials and 7.5% for manufactured goods, while food, beverages and tobacco prices fell 4.2%.

The overall export volume index declined 0.4% year-on-year, while the import volume index fell 2.8%.

On a seasonally and calendar-adjusted basis, export volumes rose 1.0% from July, while import volumes decreased 2.5%.

The terms of trade measure the ratio of export prices to import prices. A decline indicates that Türkiye receives relatively less for its exports compared with what it pays for imports. (ILKHA)