The foreign trade deficit exceeded 73.5 billion dollars in 7 months

The Turkish Statistical Institute (TUIK) announced the foreign trade statistics for July 2023.

Thus, in July 2023, exports increased by 8.3 percent compared to the same month of the previous year and reached 20 thousand 78 million dollars, while imports increased by 10.5 percent and reached 32 thousand 295 million. of dollars.

In the period January-July 2023, exports decreased by 0.7 percent compared to the same period of the previous year and amounted to 143 thousand 287 million dollars, while imports increased by 5 percent to 216 thousand 827 million dollars. Dollars.

In July, the foreign trade deficit increased by 14.2 percent compared to the same month of the previous year and went from 10 thousand 702 million dollars to 12 thousand 217 million dollars.

In the January-July period, the foreign trade deficit increased by 18.1 percent, from 62,000 million 279 million dollars to 73,000 million 539 million dollars.

4.5 PERCENT DECLINE IN SEASONALLY ADJUSTED EXPORTS

According to series corrected for seasonality and calendar; In July 2023, exports decreased by 4.5 percent compared to the previous month, while imports increased by 11.9 percent.

According to adjusted calendar series; In July 2023, exports decreased by 1.1 percent compared to the same month of the previous year, while imports increased by 2.4 percent.

IMPORTS EXCEPT ENERGY AND GOLD INCREASED BY 24.1 PERCENT

Exports excluding energy products and non-monetary gold rose 9.9 percent in July 2023, from $16.821 billion to $18.485 billion.

In July, imports excluding energy products and non-monetary gold rose 24.1 percent, from US$19.761 million to US$24.520 million.

The foreign trade deficit, excluding energy products and non-monetary gold, amounted to 6,000 million 35 million dollars in July.

The volume of foreign trade increased by 17.6% and reached 43 billion 5 million dollars. In said month, the relationship between exports and imports, excluding energy and gold, was 75.4 percent.

HIGHEST EXPORTS TO GERMANY IN JULY AND IN THE FIRST 7 MONTHS

Germany ranked first in exports in July.

While exports to Germany amounted to a thousand 673 million dollars, this country, respectively; Italy with 1,003 million dollars, the United States with 1,101 million dollars, Iraq with 978 million dollars and the United Kingdom with 962 million dollars.

Exports to the top five countries accounted for 29 percent of total exports.

Germany ranked first in exports in the January-July period. While exports to Germany are 12 thousand 378 million dollars, this country is respectively; It was followed by the United States with 8,489 million dollars, Italy with 7,265 million dollars, the United Kingdom with 6,958 million dollars and Iraq with 6,648 million dollars.

Exports to the top five countries accounted for 29.1 percent of total exports.

CHINA IS THE FIRST PLACE IN IMPORTS

China ranked first in imports.

In July imports from China amounted to 4 thousand 603 million dollars; It was followed by the Russian Federation with 3.65 billion dollars, Germany with 2.839 billion dollars, Switzerland with 2.458 billion dollars and the United States with 1.602 billion dollars.

Imports from the top five countries constituted 46.9 percent of total imports.

In the January-July period, the Russian Federation ranked first in imports. While imports from the Russian Federation amounted to 28 thousand 384 million dollars, respectively; China with 26 thousand 841 million dollars, Germany with 16 thousand 278 million dollars, Switzerland with 14 thousand 249 million dollars and the United States with 9 thousand 145 million dollars.

Imports from the top five countries constituted 43.8 percent of total imports.

Details are yet to come…