Turkey's foreign trade deficit sees significant decrease of 56.4 percent in January
Date
2/28/2024 7:00:34 AM
(MENAFN) In January 2024, official data revealed that Turkey's foreign trade deficit witnessed a significant decrease of 56.4 percent, plummeting to USD6.3 billion from the previous year's figure of USD14.29 billion. This notable decline was reported by the Turkish Statistical Institute (TurkStat) on Wednesday, underscoring a positive shift in the nation's trade dynamics.
The statistical breakdown outlined that Turkey's exports experienced a modest increase of 3.5 percent, reaching USD19.99 billion, while imports notably contracted by 22 percent to USD26.22 billion compared to the corresponding period in the previous year. These figures reflect a substantial adjustment in the trade balance, marking an encouraging trend for Turkey's economic landscape.
Germany emerged as the primary destination for Turkish exports, registering a significant contribution of USD1.76 billion to the total export volume. Meanwhile, Russia retained its position as the largest source of imports for Turkey, accounting for USD4.32 billion in imports during the period under review.
An analysis of export composition reveals that manufacturing industries remained a dominant force, constituting 93.6 percent of the overall exports. Within the manufacturing sector, exports of high-tech products experienced a notable surge of 16 percent, totaling USD18.59 billion, while medium-high-tech exports rose by 1.5 percent to USD6.77 billion year-on-year in January. This trend underscores Turkey's continued focus on enhancing its technological prowess and diversifying its export portfolio across various sectors.
The pronounced reduction in the foreign trade deficit coupled with positive shifts in export dynamics reflects Turkey's resilience and adaptability amidst evolving global trade patterns. These developments signal a promising trajectory for Turkey's economy, underlining its potential to capitalize on emerging opportunities and navigate challenges in the international market landscape.
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