Türkiye's foreign trade performance in September presented a mixed picture, with both exports and imports declining compared to the same period last year, according to provisional data released by the Turkish Statistical Institute.

Exports totaled $21.99 billion, a 1.9% decrease year-on-year, while imports stood at $27.12 billion, down 1.4% from September 2023, the agency said.

From January to September 2024, exports reached $191.75 billion, marking a 2.6% increase compared to the same period last year. Imports during the same period fell by 8.1% to $252.18 billion, reducing the trade deficit by 31.1% to $60.43 billion. Export coverage of imports improved to 76% from 68.1% in 2023.

Excluding energy and non-monetary gold, exports rose by 2.9% in September, reaching $20.82 billion, while imports climbed 4.5% to $21.20 billion. The foreign trade deficit in this category was $383 million, with export coverage of imports at 98.2%.

Manufacturing products dominated Türkiye's exports in September, accounting for 94.5%, while intermediate goods led imports at 67.7%, followed by capital goods (16.1%) and consumption goods (15.6%).

High-tech exports made up 3.9% of Türkiye’s manufacturing exports in September, while high-tech imports comprised 12.6% of manufacturing imports. For the first three quarters of 2024, high-tech’s share of total manufacturing exports stood at 3.4%.

Germany was Türkiye's top export destination in September, with exports valued at $1.68 billion, followed by the United Kingdom, the United States, Iraq, and Italy. China remained Türkiye’s top import source, supplying goods worth $3.74 billion, followed by Russia, Germany, Italy, and the United States.

After seasonal and calendar adjustments, exports declined by 1.2% month-on-month, while imports rose by 1.0%. Türkiye’s trade deficit in September reached $5.13 billion, a slight 0.7% increase from the previous year, with export coverage of imports slightly lower at 81.1%.

Türkiye’s trade data underscores modest shifts in export and import activity, with key industries and international partnerships shaping the country’s trade dynamics amid evolving global economic conditions. (ILKHA)