Türkiye's trade deficit sees reduction of 41.8 percent year-on-year last month
Date
8/28/2024 9:33:29 AM
(MENAFN) Türkiye's trade deficit saw a substantial reduction of 41.8 percent year-on-year, falling to USD7.3 billion in July, according to official data released on Wednesday. This significant narrowing of the trade gap was driven by a notable increase in exports coupled with a decrease in imports.
In July, exports rose by 13.8 percent compared to the previous year, reaching USD22.5 billion. Meanwhile, imports declined by 7.8 percent to USD29.8 billion. When excluding energy products and non-monetary gold, Türkiye recorded a foreign trade deficit of USD3 billion for the month. The ratio of exports to imports improved markedly, rising to 75.5 percent from 61.2 percent in July of the previous year.
Regarding Türkiye's trade relationships, shipments to Germany, its primary trading partner, amounted to USD1.8 billion in July. The UK followed with USD1.6 billion, while the US, Iraq, and Italy contributed USD1.4 billion, USD1.06 billion, and USD1.03 billion, respectively. On the import side, China was the leading source of imports at USD4.2 billion, succeeded by Russia with USD3.8 billion. Germany, Italy, and the US rounded out the top five sources, with imports totaling USD2.5 billion, USD1.41 billion, and USD1.4 billion, respectively.
For the period from January to July, Türkiye's exports grew by 4.1 percent year-on-year, reaching USD148.7 billion. Conversely, imports fell by 8.3 percent to USD198.7 billion. Consequently, Türkiye's foreign trade deficit for the first seven months of 2024 narrowed by 32.4 percent from the previous year, totaling USD49.9 billion.
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