NEWS ECONOMY NEWS        04/10/2023

Turkey’s foreign trade deficit is USD 87.3 bn in first 9 months of 2023 per preliminary calculations

According to preliminary figures provided by the Trade Ministry based on the General Trade System (GTS), Turkey’s foreign trade deficit for September 2023 was USD 4,988 million, 48.1% less than the USD 9,607 million deficit figure for the same month of the previous year, and 42.4% lower than the USD 8,657 million deficit figure for the previous month of August 2023.

 

Exports were USD 22,670 million in September 2023, 0.3% higher than the figure for the same month of the previous year, and 4.9% higher than the figure for the previous month of August 2023. Imports were USD 27,658 million in September 2023, 14.1% lower than the figure for the same month of the previous year, and 8.6% lower than the figure for the previous month of August 2023.

 

The percentage of imports met by exports was 82% in September 2023 compared with 70.2% in the same month of the previous year.

 

For the first nine months of 2023, the foreign trade deficit is USD 87,291 million (an increase of 5%), with exports recorded as USD 187,464 million (a decrease of 0.3%) and imports as USD 274.755 million (an increase of 1.3%). 

 

For the total year of 2022, the trade deficit was USD 109,539 million, 137% higher than the figure for the previous year. Exports totalled USD 254,171 million and imports totalled USD 363,710 million in 2022. 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 2,450 million (10.8% of total exports) led the export table in September 2023, followed by the machinery and equipment sector with USD 2,140 million (9.4% of total exports), the energy sector with USD 1,743 million (7.7% of total exports), the precious stones & metals sector with USD 1,458 million (6.4% of total exports), and the electrical equipment sector with USD 1,335 million (5.9% of total exports).

 

The energy sector led the import table in September 2023 with USD 5,709 million (20.6% of total imports), followed by the machinery and mechanical equipment sector with USD 3,255 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 2,282 million (8.3% of total imports), and the precious stones & metals sector with USD 2,211 million (8% of total imports).

 

The top six countries to which Turkey exported in September 2023 are Germany (USD 1,913 million), USA (USD 1,201 million), Iraq (USD 1,197 million), Italy (USD 1,096 million), UK (USD 1,070 million), and UAE (USD 1,008 million).

 

The top six countries from which Turkey imported in September 2023 are China (USD 3,727 million), Russia (USD 3,196 million), Germany (USD 2,358 million), USA (USD 1,252 million), BAE (USD 1,211 million), and Italy (USD 1,000 million).

 



Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases marginally to 64.86% in January 2024       Turkey’s official unemployment rate is 8.8% in December 2023       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.4 billion as of yearend 2023       Turkey’s economy grew 5.5% in 2022       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45.2 billion in 2023