August Foreign Trade Data and Top Export Destinations Announced
According to August data shared by TURKSTAT and the Ministry of Trade, the foreign trade deficit increased. Germany ranked first in exports nationwide, while China ranked first in imports.
According to the August foreign trade data announced in cooperation with the Turkish Statistical Institute and the Ministry of Trade, increases were recorded in export and import rates, while the foreign trade deficit also rose.
August Export and Import Figures
According to the general trade system, Turkey's exports in August increased by 8.1 percent compared to the same month of the previous year, reaching 23 billion 467 million dollars.
In the same period, imports increased by 10.5 percent, rising to a total level of 28 billion 706 million dollars.
Increase in Foreign Trade Deficit
As a result of imports increasing at a higher rate than exports, the foreign trade deficit experienced a 22.3 percent increase in August.
With this increase, the monthly foreign trade deficit reached the level of 5 billion 239 million dollars.
January-August General Overview
Considering the first eight months of the year, exports increased by 4 percent compared to the same period of the previous year, reaching 184 billion 996 million dollars.
Import figures were recorded as 250 billion 790 million dollars with a 5.3 percent increase.
Eight-Month Deficit and Coverage Ratio
In the January-August period, the foreign trade deficit increased by 9.3 percent to 65 billion 793 million dollars.
Additionally, in this period, the ratio of exports to imports decreased from 74.7 percent to 73.8 percent.
Countries Ranking First in Exports
In August, Germany was the country to which Turkey realized the most exports, with 1 billion 760 million dollars in sales made to this country.
Germany was followed respectively by the USA with 1 billion 731 million dollars, the United Kingdom with 1 billion 203 million dollars, Iraq with 1 billion 79 million dollars, and Switzerland with 1 billion 73 million dollars.
China Became the Leader in Imports
In the August import data, China took first place, and 4 billion 706 million dollars worth of products were imported from this country.
China was followed by Germany with 2 billion 68 million dollars, the Russian Federation with 1 billion 935 million dollars, the USA with 1 billion 872 million dollars, and Italy with 1 billion 374 million dollars.