Türkiye's foreign trade deficit sees reduction of 31.1 percent in initial 9 months
Date
10/31/2024 8:51:57 AM
(MENAFN) According to recent official data, Türkiye's foreign trade deficit experienced a significant reduction of 31.1 percent year-on-year, amounting to USD60.43 billion for the period from January to September. This improvement in the trade balance indicates a positive trend for the country’s Economy as it navigates global market challenges. The Turkish Statistical Institute (TurkStat) reported that the total value of exports during this nine-month period reached USD191.75 billion, reflecting a modest increase of 2.6 percent compared to the same timeframe last year.
In contrast, Türkiye’s imports showed a decline of 8.1 percent year-on-year, totaling USD252.18 billion in the same period. This decrease in imports is a critical factor contributing to the narrowing of the trade deficit, as it suggests a shift towards more domestic consumption or adjustments in sourcing strategies. The export-import ratio for Türkiye also improved notably, standing at 76 percent for January to September, up from 68.1 percent in the corresponding period last year, which indicates a stronger export performance relative to imports.
When analyzing the monthly data, exports in September reached USD21.98 billion, representing a slight decrease of 1.9 percent from the previous month. Meanwhile, imports amounted to USD27.11 billion, which also saw a minor decline of 1.4 percent. These figures illustrate the fluctuations in trade activities, reflecting the broader economic conditions and external factors influencing Türkiye's trade dynamics.
For the month of September alone, the foreign trade deficit was recorded at USD5.13 billion. This monthly figure highlights the ongoing challenges Türkiye faces in balancing its trade, even as the overall year-to-date performance shows signs of improvement. The country's ability to sustain its export growth while managing imports will be crucial in further reducing the trade deficit in the future.
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