NEWS ECONOMY NEWS        31/10/2023

Turkey’s foreign trade deficit is USD 87.2 billion in first 9 months of 2023

According to figures prepared by the Turkish Statistical Institute (TÜİK- TurkStat) in cooperation with Turkey’s Ministry of Trade, and using the General Trade System (GTS) calculation method, Turkey’s foreign trade deficit was USD 5,012 million in September 2023, 47.8% lower than the figure for the same month of the previous year, and 42.3% lower than the deficit for the previous month of August 2023.

 

Exports totalled USD 22,490 million and imports totalled USD 27,501 million in September 2023. The export figure was a 0.5% decrease and the import figure a 14.6% decrease on the figures for the same month of the previous year. The export figure was 4.2% higher and the import figure 9.1% lower than the respective figures for the previous month of August 2023.

 

With regards the first nine months of 2023, the trade deficit was USD 87,228 million, 4.9% higher than the figure for same period the previous year. Exports totalled USD 187,204 million and imports totalled USD 274,432 million. The export figure was a 0.5% decrease and the import figure a 1.2% increase on the figures for the same period of the previous year.

 

With regards the total year of 2022, the trade deficit was USD 109,541 million, 137% higher than the figure for the previous year. Exports totalled USD 254,170 million and imports totalled USD 363,711 million. The export figure was a 12.9% increase and the import figure a 34% increase on the figures for the previous year.

 

The automotive sector with USD 2,449 million (10.9% of total exports) led the export table in September 2023, followed by the machinery and equipment sector with USD 2,140 million (9.5% of total exports), the energy sector with USD 1,744 million (7.8% of total exports), the precious stones & metals sector with USD 1,458 million (6.5% of total exports), and the electrical equipment sector with USD 1,337 million (5.9% of total exports). With regards the total year of 2022, automotive sector exports were 10.5%, machinery and equipment sector exports were 8.9%, energy sector exports were 5.9%, iron and steel sector exports were 5.8%, and electrical equipment sector exports were 5.4% of total exports.

 

The energy sector led the import table in September 2023 with USD 5,630 million (20.5% of total imports), followed by the machinery and mechanical equipment sector with USD 3,253 million (11.8% of total imports), the automotive sector with USD 2,651 million (9.6% of total imports), the electrical equipment sector with USD 2,281 million (8.3% of total imports), and the precious stones & metals sector with USD 2,138 million (7.8% of total imports). With regards the total year of 2022, energy sector imports were 26.5%, machinery and mechanical equipment sector imports were 9.5%, iron and steel sector imports were 7.8%, precious stones & metals imports were 6.4%, and electrical equipment imports were 5.9% of total imports.

 

Turkey’s exports to the EU, Turkey’s main trading partner, were USD 9,005 million in September 2023, 1.1% higher than the figure for the same month of the previous year, and 5.9% higher than the previous month of August. The share of total Turkish exports to the EU was 40% in September 2023 compared with 39.4% in the same month of the previous year. With regards the full year of 2022, Turkey’s exports to the EU were USD 103.1 billion, 40.6% of its total exports, compared with USD 93.1 billion in 2021, 41.3% of its total exports, USD 70 billion in 2020, 41.3% of its total exports, and USD 76.7 billion in 2019, 42.4% of total exports. Exports to the EU increased by 10.8% in 2022 and by 32.9% in 2021 after falling 8.7% in 2020.

 

Germany, the EU’s largest economy, was the leading recipient of Turkish goods in September 2023, with USD 1,746 million. USA followed with USD 1,201 million, Iraq with USD 1,196 million, Italy with USD 1,096 milion, and UK with USD 1,069 million. With regards the full year of 2022, rankings were as follows: Germany (USD 21,144 million), USA (USD 16,882 million), Iraq (USD 13,751 million), UK (USD 13,011 million), and Italy (USD 12,354 million).

 

China was the leading exporter to Turkey in September 2023 with USD 3,728 million, followed by Russia with USD 3,134 million, Germany with USD 2,357 million, USA with USD 1,249 million, and UAE with USD 1,175 million. With regards the full year of 2022, rankings were as follows: Russia (USD 58,853 million), China (USD 41,354 million), Germany (USD 24,032 million), Switzerland (USD 15,335 million), USA (USD 15,229 million) and Italy (USD 14,082 million).

 

The percentage of imports covered by exports was 81.3% in September 2023, compared with 70.2% in the same month of the previous year. With regards the full year of 2022, the percentage of imports covered by exports was 69.9%  compared with 83% in the previous year.

 

Using the Special Trade System (STS) calculation method of foreign trade, Turkey’s foreign trade deficit in September 2023 was USD 5,271 million, a decrease of 44.9% on the same month of the previous year. Exports were USD 20,452 million, a decrease of 0.8% on the same month of the previous year, and imports were USD 25,723 million, a decrease of 14.8% on the same month of the previous year. For the total year of 2022, the deficit was USD 106,963 million, an increase of 127.2% on the previous year, exports were USD 235,247 million, an increase of 10.1% on the previous year, and imports were USD 342,210 million, an increase of 31.3% on the previous year.



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