Trade deficit was 82.3 billion dollars in the January-August period

Within the scope of the General Trade System (GTS) announced by Turkish Statistical Institute (TURKSTAT), exports increased by 1.6 percent in August compared to the same month of the previous year, reaching 21 billion 615 million dollars, while imports decreased by 6.9 percent to 30 billion 271 million dollars. Foreign trade deficit decreased by 23.1 percent in August compared to the same month of the previous year, falling from 11 billion 256 million dollars to 8 billion 657 million dollars. The export-import coverage ratio increased from 65.4 percent in August 2022 to 71.4 percent last month.

The export-import coverage ratio is 69.2 percent

In the January-August period, compared to the same period of the previous year, exports decreased by 0.4 percent to 164 billion 794 million dollars, while imports increased by 3.4 percent to 247 billion 97 million dollars. Foreign trade deficit increased by 11.9 percent in the January-August period, reaching 82 billion 304 million dollars. While the export-import coverage ratio was 69.2 percent in January-August 2022, it decreased to 66.7 percent in the same period this year.

As of August, the 12-month foreign trade deficit was 109.5 billion dollars.

Foreign trade except for energy and gold

Exports, excluding energy products and non-monetary gold, increased by 0.7 percent in August, rising from 19 billion 594 million dollars to 19 billion 727 million dollars. In August, imports excluding energy products and non-monetary gold also increased by 0.9%, from 21 billion 454 million dollars to 21 billion 655 million dollars.

The foreign trade deficit, excluding energy products and non-monetary gold, was 1 billion 928 million dollars in August. Foreign trade volume increased by 0.8 percent and reached 41 billion 382 million dollars. In the month in question, the ratio of exports to imports, excluding energy and gold, was 91.1 percent.

Germany ranks first in exports

Germany ranked first in exports in August. While exports to Germany amounted to 1 billion 782 million dollars, these countries are; It was followed by the USA with 1 billion 323 million dollars, Iraq with 1 billion 91 million dollars, the United Kingdom with 1 billion 63 million dollars, and Italy with 877 million dollars. Exports to the top 5 countries constituted 28.4 percent of total exports.

Germany ranked first in exports in the January-August period. While exports to Germany were 14 billion 159 million dollars, these countries are; It was followed by the USA with 9 billion 810 million dollars, Italy with 8 billion 99 million dollars, the United Kingdom with 8 billion 20 million dollars and Iraq with 7 billion 738 million dollars. Exports to the top 5 countries constituted 29.0 percent of total exports.

3.8 billion dollars of import from China

China ranked first in imports. While imports from China amounted to 3 billion 829 million dollars in August, these countries are; It was followed by the Russian Federation with 3 billion 339 million dollars, Germany with 2 billion 555 million dollars, the UAE with 1 billion 988 million dollars, and Switzerland with 1 billion 449 million dollars. Imports from the first 5 countries constituted 43.5 percent of total imports.

In the January-August period, the Russian Federation ranked first in imports. While imports from the Russian Federation amounted to 31 billion 722 million dollars, these countries are; It was followed by China with 30 billion 670 million dollars, Germany with 18 billion 833 million dollars, Switzerland with 15 billion 698 million dollars, and the USA with 10 billion 591 million dollars. Imports from the first 5 countries constituted 43.5 percent of total imports.