Minister of Trade Ömer Bolat shared Türkiye’s foreign trade data for August with the public.
Türkiye’s exports increased by 8.1% year-on-year in August, reaching $23.5 billion. Imports, meanwhile, rose by 10.5% over the same period to $28.7 billion.
Commenting on the export figures, Minister Bolat stated that Türkiye reached its highest-ever monthly export level in August. He added that the 8.1% year-on-year increase was also the third-highest monthly growth rate recorded so far this year.
Despite the increase in exports, the faster rise in imports had a negative impact on the foreign trade balance. The foreign trade deficit increased by 22.3% year-on-year in August to $5.2 billion, compared with $4.283 billion in August last year.
The export-to-import coverage ratio also declined in August. The ratio fell by 1.8 percentage points year-on-year to 81.8%.
Exports Reach $185 Billion in the First Eight Months
During the January-August period, exports increased by 4% year-on-year to $185 billion.
Imports, meanwhile, rose by 5.3% over the same period, reaching $250.8 billion.
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