According to the January 2024 foreign trade data released in cooperation with the Turkish Statistical Institute (TÜİK) and the Ministry of Trade, Türkiye's exports increased by 5.8%, reaching USD 21 billion 165 million. On the other hand, imports increased by 9.6% to USD 28 billion 703 million.
Foreign Trade Deficit Increased by 21.9%
In January, foreign trade deficit increased by 21.9% compared to the same month of the previous year and increased to USD 7 billion 538 million. While the ratio of exports to imports was 76.4% in January 2024, this rate decreased to 73.7% last month.
Foreign Trade Data Excluding Energy and Gold
Exports excluding energy products and non-monetary gold increased by 5% in January to USD 19 billion 508 million. In the same period, imports excluding energy products and non-monetary gold increased by 11.8% to USD 20 billion 845 million. Foreign trade deficit in this group was recorded as 1 billion 336 million dollars.
Foreign trade volume increased by 8.4% in January and reached USD 40 billion 353 million. Excluding energy and gold, the ratio of exports to imports was 93.6%.
High Share of Manufacturing Industry in Exports
In January, the share of manufacturing industry in exports was the highest with 93.4%. Following the manufacturing industry, the agriculture, forestry and fishing sector had a share of 4.5%, while the mining and quarrying sector had a share of 1.5%. The share of intermediate goods and capital goods in imports was 72.9% and 13%, respectively.
Exports and Imports by Countries
Looking at the distribution of exports by countries, Germany ranked first with USD 1 billion 782 million. Germany was followed by the USA ( USD 1 billion 371 million), the United Kingdom (USD 1 billion 280 million), the United Arab Emirates (USD 1 billion 12 million) and Iraq (USD 979 million). Exports to these 5 countries accounted for 30.3% of total exports.
In imports, Russia ranked first with USD 4 billion 399 million, followed by China (USD 4 billion 86 million), Germany (USD 1 billion 854 million), the USA (USD 1 billion 430 million) and Italy (USD 950 million). Imports from the first 5 countries accounted for 44.3% of total imports.
Seasonally and Calendar Adjusted Data
According to the seasonally and calendar adjusted series, exports increased by 0.4% in January compared to the previous month, while imports decreased by 1%. According to calendar adjusted data, exports increased by 6% and imports by 9.6% in January 2024 compared to the same month of the previous year.
Special Trade System Data
According to the Special Trade System, exports increased by 7.5% in January compared to the same month of the previous year and reached USD 19 billion 277 million. Imports increased by 8.6% to USD 26 billion 932 million. In January, the foreign trade deficit increased by 11.3% to USD 7 billion 655 million. The ratio of exports to imports declined to 71.6%.
These data reveal the significant changes in Türkiye's foreign trade and the reflections of global economic effects on local trade.
Comments
No comment yet.