Foreign trade deficit decreased by 1.2 percent

The Turkish Statistical Institute (TÜİK) has published the foreign trade index for December. According to the report, the export unit value index decreased by 1.2% in December compared to the same month of the previous year. Compared to the same month of the previous year, the index increased by 2.9% in food, beverages, and tobacco; decreased by 10.2% in raw materials (excluding fuel); decreased by 15.5% in fuels; and remained unchanged in the manufacturing industry (excluding food, beverages, and tobacco).

The export volume index increased by 1.6% in December compared to the same month of the previous year. Compared to the same month of the previous year, the index increased by 5.0% in food, beverages, and tobacco; decreased by 4.8% in raw materials (excluding fuel); increased by 31.9% in fuels; and decreased by 2.5% in the manufacturing industry (excluding food, beverages, and tobacco).

DECREASE IN IMPORT UNIT INDEX

The import unit value index decreased by 6.5% in December compared to the same month of the previous year. Compared to the same month of the previous year, the index decreased by 4.5% in food, beverages, and tobacco; decreased by 22.4% in fuels; decreased by 9.6% in raw materials (excluding fuel); and decreased by 0.7% in the manufacturing industry (excluding food, beverages, and tobacco).

The import volume index decreased by 4.8% in December compared to the same month of the previous year. Compared to the same month of the previous year, the index increased by 2.2% in food, beverages, and tobacco; increased by 8.2% in raw materials (excluding fuel); increased by 4.9% in fuels; and decreased by 3.8% in the manufacturing industry (excluding food, beverages, and tobacco).

INCREASE IN SEASONALLY ADJUSTED EXPORTS

According to the seasonally and calendar-adjusted series, the export volume index increased by 6.5% from 152.2 in November 2023 to 162.1 in December 2023. According to the calendar-adjusted series, the export volume index increased by 5.7% from 159.2 in December 2022 to 168.3 in December 2023.

According to the seasonally and calendar-adjusted series, the import volume index decreased by 0.6% from 123.3 in November 2023 to 122.6 in December 2023. According to the calendar-adjusted series, the import volume index decreased by 1.6% from 132.3 in December 2022 to 130.2 in December 2023.

The terms of trade, calculated by dividing the export unit value index by the import unit value index and recorded as 82.4 in December 2022, increased by 4.6 points to 87.0 in December 2023.

News Source: 12punto