Turkey's August Exports Increased by 8.1 Percent to Reach $23.5 Billion

Turkey's August exports rose by 8.1 percent to $23.5 billion, while merchandise exports for the January-August period were realized as $185 billion with a 4 percent increase. The data was announced by Minister of Trade Ömer Bolat and TIM President Mustafa Gültepe.

Automotive Sector Took the First Place in Exports

Among the sectors, automotive maintained its first place with $2.8 billion in exports. Automotive was followed by chemicals, electrical-electronics, jewelry, and steel sectors. While 17 sectors increased their exports in August, the 175 percent jump in jewelry exports drew attention.

Manufacturing Industry Accounted for 93.5 Percent of Exports

The weight of the manufacturing industry continued in Turkey's exports in August. The manufacturing industry constituted 93.5 percent of total exports with $2.195 billion (corrected as $21.95 billion) in exports. Agriculture, forestry, fishing, and mining sectors also contributed to exports.

Germany Stood Out Among the Countries with the Most Exports

While the European Union continued to stand out in export markets, exports of $8.8 billion were made to EU countries in August. On a country basis, Germany ranked first with $1.76 billion, the USA second, and the United Kingdom third.

Imports and Foreign Trade Balance in August

While imports increased by 10.5 percent in August to $28.7 billion, the foreign trade deficit was $5.2 billion. As the export-to-import coverage ratio fell to 81.8 percent, the foreign trade deficit in the January-August period was realized as $65.8 billion.