Türkiye Posts 1.2 Percent Drop in August Exports

(MENAFN) Türkiye's exports in August reached $21.7 billion, as reported by the Turkish Statistical Institute (TurkStat) on Tuesday. Although exports showed a slight decline of 1.2% compared to the same month last year, imports also decreased by 3.9% to $25.94 billion. This resulted in a trade deficit of $4.2 billion, which marked a 15.8% reduction.

When energy and non-monetary gold were excluded from the calculations, Türkiye's foreign trade balance shifted to a surplus of $338 million for the month, according to the data.

In terms of sector contributions to total exports, the manufacturing sector led the charge, accounting for 94.9% of the total. The agriculture, forestry, and fishing sectors contributed 2.7%, while the mining and quarrying industries made up 1.6%.

Within the manufacturing sector, high-tech products represented 4.2%, and medium-high-tech products accounted for 37.9% in August.

Germany was the top recipient of Turkish exports, receiving $1.77 billion, followed by the United States with $1.27 billion and the United Kingdom at $1.15 billion.

On the import side, China remained the largest supplier to Türkiye with $3.9 billion in goods, followed by Russia with $3.28 billion and Germany with $2.25 billion.

Looking at the broader picture, Türkiye's exports for the first eight months of the year reached $178 billion, marking a 4.3% increase. Imports during the same period amounted to $238.1 billion, a 5.6% rise. As a result, the country's trade deficit for January-August stood at $60.14 billion, which represents a 9.7% increase compared to the same period last year.

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