Foreign trade data has been released: Exports are increasing while imports are on the decline.

Turkey's exports in August increased by 2.3% compared to the same month last year, reaching 22 billion 48 million dollars, while imports decreased by 10.7% to 27 billion 40 million dollars. The provisional foreign trade data for August, created in cooperation with the Turkish Statistical Institute and the Ministry of Trade, has been announced. Accordingly, exports under the General Trade System in August increased by 2.3% compared to the same month last year, reaching 22 billion 48 million dollars, while imports decreased by 10.7% to 27 billion 40 million dollars.

ANNUAL FOREIGN TRADE DEFICIT DECREASED BY 42.7%

The foreign trade deficit decreased by 42.7% in August compared to the same month last year, falling to 4 billion 992 million dollars. The ratio of exports to imports was 71.2% in August 2023, while it rose to 81.5% last month. In the January-August period, the foreign trade deficit decreased by 33.5%.

EXPORTS INCREASED, IMPORTS DECREASED

In the January-August period, exports increased by 3.9% compared to the same period last year, reaching 170 billion 801 million dollars, while imports decreased by 8.6% to 225 billion 739 million dollars. In the January-August period, the foreign trade deficit decreased from 82 billion 569 million dollars to 54 billion 938 million dollars, a reduction of 33.5%. The ratio of exports to imports in the January-August 2023 period was 66.6%, while it rose to 75.7% in the same period this year. Exports excluding energy products and non-monetary gold increased by 2.5% in August, rising from 19 billion 654 million dollars to 20 billion 148 million dollars. In August, imports excluding energy products and non-monetary gold decreased by 5.6%, falling from 21 billion 659 million dollars to 20 billion 450 million dollars. The foreign trade deficit excluding energy products and non-monetary gold was 302 million dollars in August. The foreign trade volume decreased by 1.7% to 40 billion 598 million dollars. In that month, the ratio of exports to imports excluding energy and gold was determined to be 98.5%.