July foreign trade figures announced

According to provisional foreign trade data produced in cooperation with the Turkish Statistical Institute and the Ministry of Trade within the scope of the general trade system; in July 2024, exports increased by 13.8% compared to the same month of the previous year, reaching 22 billion 510 million dollars, while imports decreased by 7.8% to 29 billion 805 million dollars.

EXPORTS INCREASED, IMPORTS DECREASED

According to the general trade system, in the January-July 2024 period, exports increased by 4.1% compared to the same period of the previous year, reaching 148 billion 738 million dollars, while imports decreased by 8.3% to 198 billion 676 million dollars.

EXPORTS INCREASED BY 13 PERCENT

Excluding energy products and non-monetary gold, exports increased by 13.0% in July 2024, rising from 18 billion 157 million dollars to 20 billion 524 million dollars.

In July, imports excluding energy products and non-monetary gold decreased by 4.2%, falling from 24 billion 536 million dollars to 23 billion 506 million dollars.

The foreign trade deficit, excluding energy products and non-monetary gold, was 2 billion 982 million dollars in July. The foreign trade volume increased by 3.1% to 44 billion 30 million dollars. In the same month, the ratio of exports to imports, excluding energy and gold, was 87.3%.

FOREIGN TRADE DEFICIT

In July, the foreign trade deficit decreased by 41.8% compared to the same month of the previous year, falling from 12 billion 532 million dollars to 7 billion 295 million dollars. The export-to-import coverage ratio rose from 61.2% in July 2023 to 75.5% in July 2024.

FOREIGN TRADE DEFICIT DECREASED IN THE 6-MONTH PERIOD

In the January-July period, the foreign trade deficit decreased by 32.4%, falling from 73 billion 857 million dollars to 49 billion 938 million dollars. The export-to-import coverage ratio rose from 65.9% in the January-July 2023 period to 74.9% in the same period of 2024.

GERMANY IS THE TOP EXPORT DESTINATION

Germany took the first place in exports in July. While exports to Germany amounted to 1 billion 752 million dollars, this country was followed by the United Kingdom with 1 billion 604 million dollars, the USA with 1 billion 441 million dollars, Iraq with 1 billion 59 million dollars, and Italy with 1 billion 29 million dollars. Exports to the top 5 countries accounted for 30.6% of total exports.

Germany took the first place in exports in the January-July period. While exports to Germany amounted to 11 billion 952 million dollars, this country was followed by the USA with 9 billion 223 million dollars, the United Kingdom with 8 billion 561 million dollars, Italy with 7 billion 480 million dollars, and Iraq with 7 billion 284 million dollars. Exports to the top 5 countries accounted for 29.9% of total exports.  

CHINA IS THE TOP IMPORT SOURCE

China took the first place in imports. While imports from China amounted to 4 billion 155 million dollars in July, this country was followed by the Russian Federation with 3 billion 773 million dollars, Germany with 2 billion 535 million dollars, Italy with 1 billion 407 million dollars, and the USA with 1 billion 400 million dollars. Imports from the top 5 countries accounted for 44.5% of total imports.

Russia took the first place in imports in the January-July period. While imports from the Russian Federation amounted to 25 billion 814 million dollars, this country was followed by China with 25 billion 435 million dollars, Germany with 15 billion 301 million dollars, Italy with 11 billion 83 million dollars, and the USA with 9 billion 535 million dollars. Imports from the top 5 countries accounted for 43.9% of total imports.