Ministry of Trade releases August data bulletin: Exports rising, imports falling

The Ministry of Trade has released its data bulletin consisting of preliminary foreign trade statistics for August.

According to data prepared based on the GTS, exports reached 22 billion 63 million dollars in August, an increase of 2.4 percent compared to the same month in 2023. Imports, on the other hand, amounted to 26 billion 991 million dollars, a decrease of 10.8 percent.

During the same period, the foreign trade volume decreased by 5.4 percent to 49 billion 54 million dollars. The foreign trade deficit narrowed by 43.4 percent to 4 billion 928 million dollars in this period.

The export-to-import coverage ratio increased by 10.5 points on an annual basis last month to 81.7 percent; it was 95.2 percent excluding energy data, an increase of 15.4 points, and 98.6 percent excluding energy and gold data, an increase of 7.7 points.

RAW MATERIALS GROUP LEADS EXPORTS

Last month, the highest volume of exports occurred in the "raw materials (intermediate goods)" group, with an increase of 3.1 percent to 11 billion 471 million dollars. This group was followed by "consumer goods" with an increase of 0.5 percent to 7 billion 574 million dollars, and "investment (capital) goods" with a decrease of 0.4 percent to 2 billion 759 million dollars.

In the month in question, the share of exports by sector was 94.6 percent for the manufacturing industry (20 billion 882 million dollars), 3.1 percent for agriculture, forestry, and fishing (684 million dollars), and 1.7 percent for mining and quarrying (380 million dollars).

In August, the country to which the most exports were made was Germany, with 1 billion 674 million dollars. This country was followed by the USA with 1 billion 338 million dollars and the UK with 1 billion 169 million dollars.

The share of the top 10 countries with the highest share in exports within total exports was calculated as 46 percent.

The country groups to which the most exports were made in August were the European Union with 8 billion 817 million dollars, the Near and Middle East with 3 billion 921 million dollars, and other European countries with 3 billion 392 million dollars.

RAW MATERIALS ALSO LEAD IMPORTS

In August, the highest volume of imports was realized in the "raw materials (intermediate goods)" group, with a decrease of 13.1 percent to 18 billion 765 million dollars. This group was followed by "consumer goods" with an increase of 1.1 percent to 4 billion 180 million dollars, and "investment (capital) goods" with a decrease of 10.7 percent to 4 billion 32 million dollars.

The share of imports by sector was calculated as 81.8 percent for the manufacturing industry (22 billion 87 million dollars), 11.9 percent for mining and quarrying (3 billion 212 million dollars), and 2.7 percent for agriculture, forestry, and fishing (722 million dollars).

In August, the countries from which the most imports were made were China with 4 billion 21 million dollars, Russia with 3 billion 358 million dollars, and Germany with 2 billion 46 million dollars.

The share of the top 10 countries with the highest share in imports within total imports was recorded as 58.8 percent.

The country groups from which the most imports were made in the month in question were the European Union with 8 billion 209 million dollars, Asian countries with 7 billion 641 million dollars, and other European countries with 4 billion 865 million dollars.

FOREIGN TRADE DEFICIT DECREASED BY 33 PERCENT

Within the scope of the GTS, in the January-August period, exports were calculated as 170 billion 801 million dollars with an increase of 3.9 percent compared to the same period last year, imports as 225 billion 666 million dollars with a decrease of 8.7 percent, and foreign trade volume as 396 billion 467 million dollars with a decrease of 3.7 percent.

In this period, the foreign trade deficit decreased by 33.6 percent to 54 billion 866 million dollars. The export-to-import coverage ratio was 75.7 percent.