Foreign Trade Deficit Increased by 22.3 Percent in August

According to provisional foreign trade statistics for August announced by the Ministry of Trade, the foreign trade deficit increased by 22.3 percent compared to the same month of the previous year, rising to the level of $5,240,000,000.

Changes in Export and Import Data

According to provisional data announced by the Ministry of Trade, exports reached $23,467,000,000 in August, increasing by 8.1 percent on an annual basis. Imports recorded an increase of 10.5 percent, amounting to $28,706,000,000.

Foreign Trade Volume and Deficit Figures

In August, the total foreign trade volume increased by 9.4 percent, realizing at $52,173,000,000. During this period, the foreign trade deficit rose by 22.3 percent to $5,240,000,000.

Distribution of Exports by Product Groups

Last month, the highest volume of exports was realized in the raw materials group with an increase of 19.7 percent and $13,154,000,000. This group was followed by consumer goods and capital goods.

Countries with the Highest Exports

In August, the highest exports were made to Germany with $1,759,000,000, followed by the USA with $1,734,000,000 and the UK with $1,201,000,000.

Distribution of Imports by Product Groups

In August, the highest volume of imports was made in the raw materials group with an increase of 14.5 percent and $20,287,000,000. Consumer goods and capital goods also took significant shares in imports.

Countries with the Highest Imports

In August, the highest imports were realized from China with $4,710,000,000. China was followed by Germany with $2,070,000,000 and the USA with $1,873,000,000.

January-August Period Foreign Trade Data

In the January-August period, exports increased by 4 percent to $185,006,000,000, while imports rose by 5.3 percent to $250,791,000,000. During this period, the foreign trade deficit reached $65,785,000,000 with a 9.3 percent increase.