Foreign trade deficit of Turkey in H1 falls by 30.5 percent
(MENAFN) On Wednesday, the Turkish Statistical Office (TurkStat) reported a significant reduction in Türkiye's foreign trade deficit for the first half of the year, which fell by 30.5 percent from USD61.3 billion to USD42.59 billion compared to the same period last year. This notable decrease highlights a substantial improvement in the country's trade balance over the first six months of 2024.
The figures showed that Türkiye's exports increased by 2.6 percent to reach USD126.3 billion during the January-to-June period. In contrast, imports saw a substantial decline of 8.4 percent, totaling USD168.87 billion. This shift has positively impacted the export-import coverage ratio, which improved to 74.8 percent from 66.8 percent in the corresponding period of the previous year. The increase in this ratio reflects a stronger performance in exports relative to imports.
Additionally, high-tech products accounted for 4.1 percent of total exports in the first half of the year, marking a significant year-on-year increase of 19.2 percent. This rise indicates a growing emphasis on advanced technology within Türkiye's export sector, which could play a crucial role in the country's economic strategy moving forward. During the first half of 2024, Türkiye's primary sources of imports were Russia, China, and Germany, while its key export destinations included Germany, the United States, and the United Kingdom.
In June alone, Türkiye experienced a drop in exports by 8.3 percent, bringing the total to USD19.05 billion, while imports decreased by 4.4 percent to USD24.9 billion. Consequently, the foreign trade deficit for June was recorded at USD5.87 billion. This monthly data suggests a continued but more modest contraction in the trade balance compared to the overall first-half performance, reflecting fluctuating trends within the trade sector.
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