Türkiye's exports see annual decrease of 1.8 percent last month, imports drop 1.4 percent
Date
10/3/2024 4:46:25 AM
(MENAFN) In September, Türkiye's exports amounted to USD22 billion, reflecting a year-on-year decline of 1.8 percent, as reported by the Turkish trade minister during a press conference on Wednesday. The drop in exports highlights the challenges faced by the Turkish economy, which has been navigating fluctuating global market conditions and other economic pressures.
Simultaneously, imports also saw a decrease, falling by 1.4 percent to reach USD27.1 billion for the month. Omer Bolat, the trade minister, indicated that the foreign trade deficit for September stood at USD5.1 billion, which is comparable to the deficit recorded in September 2023. This stable deficit figure suggests that while trade volumes are down, the overall balance of trade has not dramatically shifted in recent months.
For the third quarter of 2023, there was a positive trend in exports, which rose by 4.4 percent to USD66.6 billion. In contrast, imports dropped significantly by 6.8 percent, totaling USD84 billion compared to the same period last year. As a result, the foreign trade deficit for the quarter decreased by 34 percent to USD17.4 billion. The export-import coverage ratio improved as well, rising to 79.2 percent from 70.8 percent a year earlier, indicating a more favorable balance in trade.
Looking at the broader picture for the first nine months of 2023, exports increased by 3.2 percent to USD192.8 billion, while imports fell by 8 percent to USD252.9 billion. Bolat emphasized that the foreign trade deficit during this period narrowed by 31.5 percent, reaching USD60.1 billion. These statistics reflect a shifting landscape in Türkiye's trade dynamics, with efforts to boost exports and reduce reliance on imports showing some success in the face of ongoing economic challenges.
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