The foreign trade deficit exceeded $82.3 billion in 8 months

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

Thus, in August 2023, exports increased 1.6 percent compared to the same month of the previous year, reaching 21,615 million dollars, and imports decreased 6.9 percent, reaching 30,271 million dollars.

In the January-August 2023 period, exports decreased 0.4 percent compared to the same period of the previous year, reaching 164 thousand 794 million dollars, and imports increased 3.4 percent, reaching 247 thousand 97 million dollars .

In August, the foreign trade deficit decreased by 23.1 percent compared to the same month of the previous year, going from 11,256 million dollars to 8,657 million dollars.

Although the export-import coverage ratio was 65.4% in August 2022, it increased to 71.4% in August 2023.

In the January-August period, the foreign trade deficit increased by 11.9 percent, from 73,535 million dollars to 82,304 million dollars.

While the export-import coverage ratio was 69.2 percent in the January-August 2022 period, it decreased to 66.7 percent in the same period of 2023.

LIMITED INCREASE IN EXPORTS EXCEPT GOLD

Exports, excluding energy products and non-monetary gold, increased by 0.7 percent in August 2023, from $19.594 million to $19.727 million.

In August, imports, excluding energy products and non-monetary gold, increased by 0.9 percent, from $21 billion 454 million to $21 billion 655 million.

The foreign trade deficit, excluding energy products and non-monetary gold, amounted to 1,000 million 928 million dollars in August.

The volume of foreign trade increased by 0.8 percent and reached 41 billion 382 million dollars. In the month in question, the ratio between exports and imports, excluding energy and gold, was 91.1 percent.

Details coming soon…