The foreign trade deficit decreased in October
According to temporary foreign trade data prepared within the scope of the general trade system in cooperation with the Turkish Statistical Institute and the Ministry of Commerce; In October 2023, exports increased 7.4 percent compared to the same month of the previous year, reaching 22,871 million dollars, and imports increased 0.6 percent, reaching 29,390 million dollars.
According to the general trading system, exports increased 0.2 percent in the January-October 2023 period compared to the same period of the previous year, reaching 209,904 million dollars, and imports increased 1.1 percent, reaching 303 thousand 821 million dollars. .
Exports, excluding energy products and non-monetary gold, increased by 4.6 percent in October 2023, from $19.721 million to $20.627 million.
In October, imports excluding energy products and non-monetary gold increased 18.8 percent, from 18,637 million dollars to 22,135 million dollars.
The foreign trade deficit, excluding energy products and non-monetary gold, amounted to 1,000 million 508 million dollars in October. The volume of foreign trade increased by 11.5 percent and reached 42,761 million dollars. In the month in question, the ratio between exports and imports, excluding energy and gold, was 93.2 percent.
17.5 PERCENT DECREASE IN THE FOREIGN TRADE DEFICIT
In October, the foreign trade deficit decreased 17.5 percent compared to the same month of the previous year, going from 7,902 million dollars to 6,519 million dollars. While the export-import coverage ratio was 72.9 percent in October 2022, it increased to 77.8 percent in October 2023.
In the January-October period, the foreign trade deficit increased by 3.2 percent, from 91 billion 44 million dollars to 93 billion 917 million dollars. While the export-import coverage ratio was 69.7 percent in the January-October 2022 period, it decreased to 69.1 percent in the same period of 2023.
THE PARTICIPATION OF THE INDUSTRY IN EXPORTS IS 93.5 PERCENT
According to economic activities, the share of the manufacturing industry in exports in October 2023 was 93.5 percent, the share of the agricultural, forestry and fishing sector was 4.6 percent, and the share of the mining and quarries was 1.5 percent.
According to economic activities in the January-October period, the participation of the manufacturing industry in exports was 94.5 percent, the participation of the agricultural, forestry and fishing sector was 3.6 percent and the participation of the mines and quarries was 1.5 percent.
According to the classification of large economic groups, in October 2023 the share of intermediate goods in imports was 68.2 percent, that of capital goods 15.7 percent and that of consumer goods 16 .1 percent.
In imports, the proportion of intermediate goods was 73.0 percent, the proportion of capital goods was 14.1 percent and the proportion of consumer goods was 12.8 percent in the January-October period of 2023.
GERMANY IS FIRST IN EXPORTS
Germany ranked first in exports in October. Although exports to Germany amounted to 1,763 million dollars, these countries are; They were followed by Iraq with 1,322 million dollars, the United States with 1,254 million dollars, the United Arab Emirates with 1,115 million dollars and Italy with 1,110 million dollars. Exports to the top five countries constituted 28.7 percent of total exports.
Germany ranked first in exports in the January-October period. Although exports to Germany amounted to 17,666 million dollars, these countries are; They were followed by the United States with 12,261 million dollars, Italy with 10,269 million dollars, Iraq with 10,253 million dollars and the United Kingdom with 10,178 million dollars. Exports to the top five countries constituted 28.9 percent of total exports.
FIRST IN IMPORTS: CHINA
China ranked first in imports. Although imports from China amounted to 3,761 million dollars in October, these countries are; They were followed by the Russian Federation with 3,233 million dollars, Germany with 2,606 million dollars, Italy with 1,344 million dollars and the United States with 1,247 million dollars. Imports from the top five countries constituted 41.5 percent of total imports.
China ranked first in imports in the January-October period. Although imports from China amounted to 38,156 million dollars, these countries are; They were followed by the Russian Federation with 37,937 million dollars, Germany with 23,796 million dollars, Switzerland with 17,707 million dollars and the United States with 13,087 million dollars. Imports from the top five countries constituted 43.0 percent of total imports.
According to the series free of seasonal and calendar effects; In October 2023, exports decreased by 0.2 percent compared to the previous month, while imports increased by 6.6 percent. According to the corrected series of calendar effects; In October 2023, exports increased by 4.7 percent compared to the same month a year earlier, while imports decreased by 1.9 percent.
In October, the share of manufacturing industry products in total imports was 82.6 percent, while the share of high-tech products in imports of manufacturing industry products was 11.1 percent. .
Source: Sozcu

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