Turkey’s foreign trade recorded a historic high trade deficit in the first 9 months.
According to the data from the Turkish Statistical Institute (TÜİK), the foreign trade deficit in the January-September period increased by 5% compared to the same month of the previous year, reaching $87.2 billion. This figure also became the highest 9-month deficit when considering the January-September periods.
Before this, in 2022, the trade deficit in the January-September period had reached a record high of $83.1 billion.
According to the general trade system, exports in the January-September period of 2023 decreased by 0.5% compared to the same period of the previous year, reaching $187.2 billion, while imports increased by 1.2%, reaching $274.4 billion.
In September, the trade deficit decreased by 47.8% compared to the same month of the previous year, falling from $9.607 billion to $5.012 billion. The export-to-import ratio increased from 70.2% in September 2022 to 81.8% in September 2023.
In September 2023, exports decreased by 0.5% compared to the same month of the previous year, reaching $22.49 billion, while imports decreased by 14.6%, reaching $27.50 billion.
Exports excluding energy products and non-monetary gold in September 2023 decreased by 2.3%, falling from $20.746 billion to $20.260 billion.
In September, imports excluding energy products and non-monetary gold decreased by 1.5%, falling from $20.598 billion to $20.280 billion.
The trade deficit excluding energy products and non-monetary gold in September was $19 million. The foreign trade volume decreased by 1.9%, reaching $40.540 billion. The export-to-import ratio excluding energy and gold in the same month was 99.9%.
In September, Germany took the lead in exports. Exports to Germany amounted to $1.746 billion, followed by the United States with $1.201 billion, Iraq with $1.196 billion, Italy with $1.096 billion, and the United Kingdom with $1.069 billion. Exports to the top 5 countries accounted for 28.1% of total exports.
In the January-September period, Germany led in exports. Exports to Germany reached $15.904 billion, followed by the United States with $11.007 billion, Italy with $9.156 billion, the United Kingdom with $9.087 billion, and Iraq with $8.933 billion. Exports to the top 5 countries accounted for 28.9% of total exports.
China took the lead in imports. Imports from China in September amounted to $3.728 billion, followed by the Russian Federation with $3.134 billion, Germany with $2.357 billion, the United States with $1.249 billion, and the UAE with $1.175 billion. Imports from the top 5 countries accounted for 42.3% of total imports.
In the January-September period, the Russian Federation led in imports. Imports from the Russian Federation reached $34.705 billion, followed by China with $34.397 billion, Germany with $21.190 billion, Switzerland with $16.563 billion, and the United States with $11.840 billion. Imports from the top 5 countries accounted for 43.3% of total imports.
TÜİK