Foreign trade deficit increased by over 10 percent

The Turkish Statistical Institute, in cooperation with the Ministry of Trade, has released provisional foreign trade data produced under the general trade system. According to this data, exports in June 2024 decreased by 8.3 percent compared to the same month of the previous year, amounting to 19 billion 49 million dollars, while imports decreased by 4.4 percent to 24 billion 920 million dollars.

EXPORTS INCREASED, IMPORTS DECREASED

According to the general trade system, exports in the January-June 2024 period increased by 2.6 percent compared to the same period of the previous year, reaching 126 billion 278 million dollars, while imports decreased by 8.4 percent to 168 billion 869 million dollars.

ENERGY PRODUCTS

Exports, excluding energy products and non-monetary gold, decreased by 9.4 percent in June 2024, falling from 19 billion 404 million dollars to 17 billion 584 million dollars.

In June, imports excluding energy products and non-monetary gold decreased by 2.7 percent, falling from 19 billion 853 million dollars to 19 billion 308 million dollars.

The foreign trade deficit, excluding energy products and non-monetary gold, was 1 billion 725 million dollars in June. The foreign trade volume decreased by 6.0 percent to 36 billion 892 million dollars. In the same month, the ratio of exports to imports, excluding energy and gold, was 91.1 percent.

FOREIGN TRADE DEFICIT INCREASED

In June, the foreign trade deficit increased by 10.8 percent compared to the same month of the previous year, rising from 5 billion 298 million dollars to 5 billion 871 million dollars. The export-to-import coverage ratio, which was 79.7 percent in June 2023, fell to 76.4 percent in June 2024.

FOREIGN TRADE DEFICIT DECREASED IN THE SIX-MONTH PERIOD

In the January-June period, the foreign trade deficit decreased by 30.5 percent, falling from 61 billion 325 million dollars to 42 billion 591 million dollars. The export-to-import coverage ratio, which was 66.8 percent in the January-June 2023 period, rose to 74.8 percent in the same period of 2024.

GERMANY WAS THE TOP EXPORT DESTINATION

Germany took the first place in exports in June. Exports to Germany amounted to 1 billion 555 million dollars, followed by the USA with 1 billion 287 million dollars, the United Kingdom with 1 billion 59 million dollars, Italy with 984 million dollars, and Iraq with 853 million dollars. Exports to the top 5 countries accounted for 30.1 percent of total exports.

Germany took the first place in exports in the January-June period. Exports to Germany amounted to 10 billion 201 million dollars, followed by the USA with 7 billion 785 million dollars, the United Kingdom with 6 billion 962 million dollars, Italy with 6 billion 454 million dollars, and Iraq with 6 billion 241 million dollars. Exports to the top 5 countries accounted for 29.8 percent of total exports.

CHINA TOPS THE LIST IN IMPORTS

China took the first place in imports. In June, imports from China amounted to 3 billion 394 million dollars, followed by the Russian Federation with 2 billion 948 million dollars, Germany with 1 billion 930 million dollars, the USA with 1 billion 190 million dollars, and Italy with 1 billion 169 million dollars. Imports from the top 5 countries accounted for 42.7 percent of total imports.

Russia took the first place in imports in the January-June period. Imports from the Russian Federation amounted to 22 billion 41 million dollars, followed by China with 21 billion 281 million dollars, Germany with 12 billion 765 million dollars, Italy with 9 billion 675 million dollars, and the USA with 8 billion 135 million dollars. Imports from the top 5 countries accounted for 43.8 percent of total imports.

MINISTER ŞİMŞEK EVALUATED FOREIGN TRADE DATA

Minister of Treasury and Finance Mehmet Şimşek evaluated the June foreign trade and second-quarter tourism statistics on his social media account.

Minister Şimşek stated that the positive outlook in external balance and tourism continues. Noting that the annual foreign trade deficit increased limitedly in June compared to last year due to the holiday effect, Şimşek said, "Despite this, the deficit has improved by 32 billion dollars compared to last year. In the second quarter, the annual number of visitors reached 60 million people, and tourism revenue reached 58 billion dollars. We expect the ongoing decline in the current account deficit to continue for the remainder of the year and for the ratio of the current account deficit to national income to fall to approximately 2 percent in 2024. A sustainable current account deficit is of great importance for our program targets."