9-month record broken in foreign trade deficit

Provisional foreign trade data for September, created in cooperation with the Turkish Statistical Institute and the Ministry of Trade, have been announced. Accordingly, within the scope of the General Trade System (GTS), exports in September decreased by 0.5 percent compared to the same month of the previous year to 22 billion 490 million dollars, while imports decreased by 14.6 percent to 27 billion 501 million dollars.

The foreign trade deficit decreased by 47.8 percent in September compared to the same month of the previous year, falling from 9 billion 607 million dollars to 5 billion 12 million dollars. The export-to-import coverage ratio rose to 81.8 percent last month, up from 70.2 percent in September 2022.

In the January-September period, exports decreased by 0.5 percent compared to the same period last year to 187 billion 204 million dollars, while imports increased by 1.2 percent to 274 billion 432 million dollars.

The foreign trade deficit increased by 4.9 percent in the January-September period, rising from 83 billion 142 million dollars to 87 billion 228 million dollars. The export-to-import coverage ratio fell to 68.2 percent in the same period this year, down from 69.3 percent in January-September 2022.

FOREIGN TRADE EXCLUDING ENERGY AND GOLD

Exports excluding energy products and non-monetary gold decreased by 2.3 percent in September, falling from 20 billion 746 million dollars to 20 billion 260 million dollars. In September, imports excluding energy products and non-monetary gold also fell by 1.5 percent, dropping from 20 billion 598 million dollars to 20 billion 280 million dollars.

The foreign trade deficit excluding energy products and non-monetary gold was 19 million dollars in September. The foreign trade volume decreased by 1.9 percent to 40 billion 540 million dollars. In the month in question, the export-to-import coverage ratio excluding energy and gold was 99.9 percent.

MANUFACTURING INDUSTRY FIGURES

When economic activities are examined, the share of the manufacturing industry in exports in September was 94.1 percent, the share of the agriculture, forestry, and fishing sector was 4 percent, and the share of the mining and quarrying sector was 1.4 percent.

In the January-September period, the share of the manufacturing industry in exports by economic activity was recorded as 94.5 percent, the share of the agriculture, forestry, and fishing sector as 3.5 percent, and the share of the mining and quarrying sector as 1.5 percent.

According to the classification of broad economic groups, the share of intermediate goods in imports in September was calculated as 71.3 percent, the share of capital goods as 14.9 percent, and the share of consumption goods as 13.7 percent. In the January-September period, the share of intermediate goods was 73.5 percent, the share of capital goods was 13.9 percent, and the share of consumption goods was 12.5 percent.

GERMANY LEADS IN EXPORTS, CHINA IN IMPORTS IN SEPTEMBER

Germany took the first place in exports in September with 1 billion 746 million dollars. This country was followed by the USA with 1 billion 201 million dollars, Iraq with 1 billion 196 million dollars, Italy with 1 billion 96 million dollars, and the United Kingdom with 1 billion 69 million dollars. Exports to the top 5 countries in the month in question accounted for 28.1 percent of total exports.

Germany also took the first place in exports in the January-September period. Exports to this country amounted to 15 billion 904 million dollars. Germany was followed by the USA with 11 billion 7 million dollars, Italy with 9 billion 156 million dollars, the United Kingdom with 9 billion 87 million dollars, and Iraq with 8 billion 933 million dollars. Exports to the top 5 countries corresponded to 28.9 percent of total exports.

China took the first place in imports in September. While imports from China amounted to 3 billion 728 million dollars, this country was followed by Russia with 3 billion 134 million dollars, Germany with 2 billion 357 million dollars, the USA with 1 billion 249 million dollars, and the United Arab Emirates with 1 billion 175 million dollars. Imports from the top 5 countries accounted for 42.3 percent of total imports.

In the January-September period, Russia took the first place in imports. The amount of imports from this country was 34 billion 705 million dollars. Russia was followed by China with 34 billion 397 million dollars, Germany with 21 billion 190 million dollars, Switzerland with 16 billion 563 million dollars, and the USA with 11 billion 840 million dollars. Imports from the top 5 countries corresponded to 43.3 percent of total imports.

According to the seasonally and calendar-adjusted series, exports increased by 1.7 percent in September compared to the previous month, while imports decreased by 6.5 percent. According to the calendar-adjusted series, exports increased by 2 percent in September compared to the same month of the previous year, while imports showed a decrease of 12.7 percent.

Foreign trade data by technology intensity covers manufacturing industry products included in the "ISIC Rev.4" classification. According to this classification, the share of manufacturing industry products in total exports in September was 94.1 percent. The share of high-technology products in manufacturing industry product exports was recorded as 4.1 percent.

In the January-September period, the share of manufacturing industry products in total exports was calculated as 94.5 percent according to "ISIC Rev.4". In the same period, the share of high-technology products in manufacturing industry product exports was 3.6 percent.

In September, the share of manufacturing industry products in total imports was determined as 83.6 percent. The share of high-technology products in manufacturing industry product imports was recorded as 10.5 percent.

In the January-September period, the share of manufacturing industry products in total imports was 80.7 percent. In the period in question, the share of high-technology products in manufacturing industry product imports was recorded as 10.2 percent.

SPECIAL TRADE SYSTEM DATA

According to the Special Trade System, exports in September decreased by 0.8 percent compared to the same month of the previous year to 20 billion 452 million dollars, and imports decreased by 14.8 percent to 25 billion 723 million dollars.

The foreign trade deficit decreased by 44.9 percent in September, falling from 9 billion 568 million dollars to 5 billion 271 million dollars. The export-to-import coverage ratio rose to 79.5 percent in the same month this year, up from 68.3 percent in September 2022.

According to the Special Trade System, exports in the January-September period decreased by 2.7 percent compared to the same period last year to 170 billion 172 million dollars, while imports increased by 0.4 percent to 256 billion 717 million dollars.

In the January-September period, the foreign trade deficit increased by 7.2 percent, rising from 80 billion 722 million dollars to 86 billion 545 million dollars. The export-to-import coverage ratio was 66.3 percent in the same period this year, compared to 68.4 percent in January-September 2022.

News Source: 12punto