Turkey experiences significant export growth, trade deficit

8/29/2024 8:39:17 AM

(MENAFN) In July, Turkey experienced a notable increase in exports, which surged by 13.8 percent from the previous month to reach USD22.51 billion. This growth, reported by the Ministry of Trade and the Statistical Institute, reflects a positive trend in Turkey's external trade performance. In contrast, imports during the same month fell by 7.8 percent to USD29.81 billion. This decrease in imports contributed to a substantial reduction in the external trade deficit, which narrowed by 41.8 percent compared to July 2023, reaching USD7.30 billion.

For the period between January and July 2024, Turkey's export performance continued to improve, with a 4.1 percent increase, totaling USD148.74 billion. On the other hand, imports decreased by 8.3 percent during this period, amounting to USD198.68 billion. Germany emerged as the leading importer of Turkish goods in July, with imports valued at USD1.75 billion. The United Kingdom followed with USD1.60 billion, and the United States ranked third with USD1.44 billion. This data underscores Turkey's growing trade strength and its shifting dynamics in the global market.

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