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Türkiye's foreign trade deficit decreased in February

In February, foreign trade deficit decreased by 44.2 percent compared to the same month of the previous year, falling to 6 billion 771 million dollars.

Türkiye's foreign trade deficit decreased in February

According to temporary foreign trade data produced within the scope of the general trade system in cooperation with the Turkish Statistical Institute and the Ministry of Commerce; In February 2024, exports increased by 13.6% compared to the same month of the previous year, reaching 21 billion 82 million dollars, and imports decreased by 9.2%, reaching 27 billion 853 million dollars.

In the January-February period, exports increased by 8.5%, imports decreased by 16.0%

According to the general trade system, exports increased by 8.5% in the January-February period of 2024 compared to the same period of the previous year, reaching 41 billion 78 million dollars, and imports decreased by 16.0%, reaching 54 billion 33 million dollars.

Exports excluding energy products and gold increased by 12.3% and imports increased by 5.2% in February

Exports, excluding energy products and non-monetary gold, increased by 12.3% in February 2024, from 17 billion 438 million dollars to 19 billion 589 million dollars.

In February, imports excluding energy products and non-monetary gold increased by 5.2%, from 19 billion 958 million dollars to 20 billion 989 million dollars.

Foreign trade deficit, excluding energy products and non-monetary gold, was 1 billion 400 million dollars in February. Foreign trade volume increased by 8.5% and reached 40 billion 578 million dollars. In the month in question, the ratio of exports to imports, excluding energy and gold, was 93.3%.

Foreign trade deficit decreased by 44.2% in February

In February, foreign trade deficit decreased by 44.2% compared to the same month of the previous year, from 12 billion 130 million dollars to 6 billion 771 million dollars. While the export-import coverage ratio was 60.5% in February 2023, it increased to 75.7% in February 2024.

Foreign trade deficit decreased by 51.0% in January-February period

In the January-February period, foreign trade deficit decreased by 51.0%, from 26 billion 419 million dollars to 12 billion 955 million dollars. While the export-import coverage ratio was 58.9% in the January-February period of 2023, it increased to 76.0% in the same period of 2024.


The share of the manufacturing industry in total exports was 94.0% in February

According to economic activities, the share of the manufacturing industry in exports in February 2024 was 94.0%, the share of the agriculture, forestry and fishing sector was 4.2%, and the share of the mining and quarrying sector was 1.4%.

According to economic activities in the January-February period, the share of the manufacturing industry in exports was 93.5%, the share of the agriculture, forestry and fishing sector was 4.5%, and the share of the mining and quarrying sector was 1.5%.

The share of intermediate goods in total imports was 68.8% in February

According to the classification of broad economic groups, the share of intermediate goods in imports was 68.8%, the share of capital goods was 15.8% and the share of consumer goods was 15.3% in February 2024.

In imports, the share of intermediate goods was 70.9%, the share of capital goods was 14.9% and the share of consumer goods was 14.0% in the January-February 2024 period.

The country with the most exports in February was Germany

Germany ranked first in exports in February. While exports to Germany amounted to 1 billion 722 million dollars, these countries are; It was followed by the USA with 1 billion 332 million dollars, Italy with 1 billion 158 million dollars, Iraq with 1 billion 73 million dollars, and the United Kingdom with 1 billion 66 million dollars. Exports to the top 5 countries constituted 30.1% of total exports.

Germany ranked first in exports in the January-February period. While exports to Germany amounted to 3 billion 484 million dollars, these countries are; It was followed by the USA with 2 billion 536 million dollars, Iraq with 2 billion 169 million dollars, Italy with 2 billion 156 million dollars and the United Kingdom with 2 billion 88 million dollars. Exports to the top 5 countries constituted 30.3% of total exports.

Russian Federation ranked first in imports

The Russian Federation ranked first in imports. While imports from the Russian Federation amounted to 4 billion 27 million dollars in February, these countries are; It was followed by China with 3 billion 434 million dollars, Germany with 2 billion 218 million dollars, Italy with 1 billion 543 million dollars, and the USA with 1 billion 337 million dollars. Imports from the first 5 countries constituted 45.1% of total imports.

In the January-February period, the Russian Federation ranked first in imports. While imports from the Russian Federation amounted to 8 billion 352 million dollars, these countries are; It was followed by China with 6 billion 327 million dollars, Germany with 4 billion 135 million dollars, the USA with 2 billion 739 million dollars, and Italy with 2 billion 730 million dollars. Imports from the top 5 countries constituted 44.9% of total imports.

Exports increased by 2.1% according to the series adjusted for seasonal and calendar effects

According to the series free of seasonal and calendar effects; In February 2024, exports increased by 2.1% and imports increased by 4.9% compared to the previous month. According to the series adjusted for calendar effects; In February 2024, exports increased by 10.2% compared to the same month of the previous year, while imports decreased by 12.7%.

The share of high-tech products in manufacturing industry exports was 2.7%

Foreign trade data according to technology intensity covers manufacturing industry products included in the ISIC Rev.4 classification. According to ISIC Rev.4 in February, the share of manufacturing industry products in total exports was 94.0%. The share of high technology products in manufacturing industry exports is 2.7%. According to ISIC Rev.4, the share of manufacturing industry products in total exports was 93.5% in the January-February period. In the January-February period, the share of high technology products in manufacturing industry exports was 3.1%.

The share of manufacturing industry products in total imports was 79.6% in February. The share of high technology products in imports of manufacturing industry products is 12.5%. In the January-February period, the share of manufacturing industry products in total imports was 77.6%. In the January-February period, the share of high technology products in manufacturing industry products imports was 12.1%.

According to the special trade system, exports reached 19 billion 241 million dollars in February 2024

According to the special trade system, in February 2024, exports increased by 13.2% compared to the same month of the previous year, reaching 19 billion 241 million dollars, and imports decreased by 9.0%, reaching 26 billion 298 million dollars.

In February, foreign trade deficit decreased by 40.7%, from 11 billion 895 million dollars to 7 billion 57 million dollars. While the export-import coverage ratio was 58.8% in February 2023, it increased to 73.2% in February 2024.

Exports reached 37 billion 174 million dollars in the January-February period of 2024

According to the special trade system, exports increased by 7.8% in the January-February period of 2024 compared to the same period of the previous year, reaching 37 billion 174 million dollars, and imports decreased by 15.9%, reaching 51 billion 69 million dollars.

In the January-February period, foreign trade deficit decreased by 47.0%, from 26 billion 239 million dollars to 13 billion 895 million dollars. While the export-import coverage ratio was 56.8% in the January-February period of 2023, it increased to 72.8% in the same period of 2024.

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