January-August Foreign Trade Deficit Rises to $65.8 Billion
According to Turkey's eight-month foreign trade data, the deficit rose to $65.8 billion. This figure is expected to approach the $100 billion threshold by the end of the year.
According to the August foreign trade data announced by the Turkish Statistical Institute, the foreign trade deficit in the first eight months of the year increased by 9.3 percent compared to the same period of last year, reaching $65 billion 793 million.
Changes in Export and Import Figures
In the January-August period, Turkey's exports registered an increase of 4 percent, rising to $184.9 billion.
During the same period, imports showed an increase of 5.3 percent, reaching the level of $250.7 billion.
Year-End Foreign Trade Deficit Expectation
The foreign deficit of $65 billion 793 million in the January-August period is approaching the $100 billion threshold towards the end of the year.
Based on the performance of the September-December period of last year, it is projected that the total deficit will exceed $100 billion at the end of the year.
August Foreign Trade Data
In August, exports increased by 8.1 percent to $23.4 billion, while imports increased by 10.5 percent to $28.5 billion.
The monthly foreign trade deficit rose by 22.3 percent compared to last year, reaching $5.2 billion.
Prominent Countries in Exports
In August, the country to which the most exports were made on a monthly basis was Germany with $1 billion 760 million.
Germany was followed by the USA with $1 billion 731 million and the United Kingdom with $1 billion 230 million.
Leaders of Imports: China and Russia
Imports from China realized at the level of $36.5 billion in the eight-month period.
Imports of $26.1 billion from Russia and $18.7 billion from Germany were made.
Decline in Consumer Goods Imports
In the January-August period, consumer goods imports decreased by 6.6 percent, falling to $36.4 billion.
The share of consumer goods in total imports dropped from 16.4 percent to 14.5 percent.
Raw Materials and Capital Goods
In the same period, raw material imports rose by 8.7 percent to $178.4 billion, while their share increased to 71.1 percent.
Capital goods imports increased by 1.9 percent to $35 billion.