September Export Data Announced: Annualized Exports Reach $283.7 Billion
In September, exports increased by 15.4 percent year-on-year to $26 billion, while the annualized figure exceeded the Medium-Term Program target.
According to Turkey's September foreign trade data, exports increased by 15.4 percent year-on-year to $26 billion, breaking the all-time September record. Annualized exports reached $283.7 billion, already surpassing the year-end Medium-Term Program target.
Export Record in September
In September, exports reached $26 billion with a 15.4 percent year-on-year increase, marking the highest September figure of all time. Meanwhile, imports increased by 5.9 percent in the same period to $31.2 billion.
During the first 9 months, total exports rose by 5.2 percent to $211 billion, while the last 12-month annualized exports hit $283.7 billion. With this result, the year-end Medium-Term Program target of $282 billion was surpassed.
Foreign Trade Deficit and Ratios
In September, the foreign trade deficit decreased by 24.8 percent to $5 billion 232 million. The export-to-import coverage ratio increased by 6.8 points compared to the same month of the previous year, reaching 83.2 percent.
Evaluations from Minister Bolat
Minister of Trade Ömer Bolat stated that the last 12-month exports exceeded the target with a $1.7 billion surplus, 3 months before the end of the year, reaching $283.7 billion. He emphasized that exports for the first 9 months also broke a record at $211 billion.
Bolat also stated that annualized services exports rose to $125.4 billion, while the total of goods and services exports reached $409.1 billion.
Increasing Share of Technology Products
Minister of Industry and Technology Mehmet Fatih Kacır announced that medium-high and high-tech product exports reached a historical level of $117.6 billion. The share of these product groups in total exports also rose to 43.7 percent.
Statements from TIM President Gültepe
Turkish Exporters Assembly (TIM) President Mustafa Gültepe said that 56 provinces increased their exports in September and 1,015 new companies exported for the first time. Gültepe stated that the countries with the highest exports were Germany, the USA, and the United Kingdom.
Sectoral and Geographical Distribution
In September, 19 sectors increased their exports while 7 sectors experienced a decline. The sectors with the highest exports were automotive, chemicals, and electrical-electronics, respectively. The countries with the highest imports were recorded as China, Germany, and the USA.
Messages from Economic Management
Vice President Cevdet Yılmaz stated that annualized exports reached the highest level in the history of the Republic, and that they would strengthen Turkey's position in global trade networks. Treasury and Finance Minister Mehmet Şimşek noted that they expect the ratio of the current account deficit to national income to remain at predictable levels.