Türkiye's foreign trade deficit declines 42.7 percent last month
Date
9/29/2024 7:53:22 AM
(MENAFN) Türkiye's foreign trade deficit declined by 42.7 percent in August, to reach USD4.99 billion, based on data issued by the Turkish Statistical Institute (TurkStat) on Friday.
Last month, the nation’s exports amounted to USD22.05 billion, reflecting a 2.3 percent surge in comparison to August 2023. In the meantime, imports totaled USD27.04 billion, marking a drop of 10.7 percent, the TurkStat statistics unveiled.
When ruling out energy commodities and industrial gold, exports were estimated at USD20.15 billion, reflecting a 2.5 percent surge for the month. Non-energy and non-gold imports declined to USD20.45 billion, marking a fall of 5.6 percent.
The foreign trade deficit, apart from energy products and non-monetary gold, amounted to USD302 million last month.
Examining the financial sectors adding to overall exports, commodities from manufacturing industries included 94.6 percent, while agriculture, forestry, as well as fishing comprised 3.1 percent, and mining and quarrying accounted for 1.7 percent.
Germany was the biggest destination for Turkish exports, importing USD1.67 billion worth of products, whereas China became the leading source for Türkiye's imports at USD4.02 billion.
The stake of advanced products in manufacturing exports was registered at 3 percent, which reflects a drop of 17.7 percent on a yearly basis. Conversely, the share of mid-to-high-tech products soared by 4.7 percent, to stand at 36.7 percent.
For the initial eight months of 2024, Türkiye's foreign trade deficit reached USD54.94 billion, decreasing 33.5 percent in comparison to the same time in 2023.
throughout this period, exports surged by 2.3 percent to USD170.8 billion, while imports dove by 8.6 percent, amounting toUSD225.7 billion.
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