Türkiye's exports saw a significant increase in July 2024, while imports decreased, leading to a substantial reduction in the trade deficit, according to the latest data from the Turkish Statistical Institute.

The provisional data, produced in cooperation with the Ministry of Trade, indicated that exports reached $22.51 billion in July 2024, marking a 13.8% rise compared to the same month in 2023. Imports, on the other hand, fell by 7.8% to $29.81 billion during the same period.

For the first seven months of 2024, exports totaled $148.74 billion, reflecting a 4.1% increase from January-July 2023. Imports during this period amounted to $198.68 billion, an 8.3% decline from the previous year.

When excluding energy products and non-monetary gold, exports in July 2024 were $20.52 billion, up 13.0% from July 2023. Imports in this category decreased by 4.2% to $23.51 billion. The foreign trade deficit for this segment was $2.98 billion in July 2024, with a total trade volume of $44.03 billion, representing a 3.1% increase. The coverage ratio of exports to imports excluding energy products and non-monetary gold stood at 87.3%.

Türkiye's overall foreign trade deficit in July 2024 was $7.30 billion, a decrease of 41.8% compared to July 2023. The export-to-import coverage ratio improved to 75.5%, up from 61.2% in July 2023. For the January-July 2024 period, the trade deficit narrowed by 32.4% to $49.94 billion, with the coverage ratio improving to 74.9% from 65.9% in the same period of the previous year.

Manufactured products accounted for 94.5% of Türkiye’s total exports in July 2024. The agricultural, forestry, and fishing sectors contributed 2.8%, while mining and quarrying accounted for 2.1%. For the January-July 2024 period, the shares were 94.3% for manufacturing, 3.6% for agriculture, and 1.7% for mining.

In July 2024, intermediate goods made up 68.6% of total imports, followed by capital goods at 15.9% and consumption goods at 15.3%. These ratios were slightly different for the January-July 2024 period, with intermediate goods at 69.7%, capital goods at 14.8%, and consumption goods at 15.3%.

Germany remained Türkiye’s top export partner in July 2024, with exports to the country totaling $1.75 billion. The UK, USA, Iraq, and Italy followed, contributing to 30.6% of Türkiye’s total exports for the month. From January to July 2024, Germany was also the top export destination, with $11.95 billion, followed by the USA, UK, Italy, and Iraq, accounting for 29.9% of total exports.

On the import side, China was Türkiye’s main partner in July 2024, with imports totaling $4.16 billion. Russia, Germany, Italy, and the USA followed, together representing 44.5% of Türkiye’s total imports. For the January-July 2024 period, Russia led with $25.81 billion, followed by China, Germany, Italy, and the USA, comprising 43.9% of total imports.

In July 2024, high-tech products accounted for 2.8% of Türkiye’s manufacturing exports and 11.5% of its manufacturing imports. For the January-July 2024 period, these figures were 3.4% and 11.0%, respectively.

Under the special trade system, Türkiye’s exports in July 2024 were $20.41 billion, up 14.0% from July 2023, while imports decreased by 8.6% to $27.14 billion. The trade deficit under this system was $6.74 billion, a 42.9% decrease compared to the previous year. The coverage ratio of exports to imports was 75.2%, an improvement from 60.3% in July 2023.

From January to July 2024, the trade deficit under the special trade system decreased by 31.2% to $49.96 billion, with exports covering 72.9% of imports, up from 64.2% in the same period in 2023. (ILKHA)