Turkey’s trade deficit falls 41.8% Y-o-Y in July

Turkey’s trade deficit decreased by 41.8 per cent year-on-year to $7.30 billion in July 2024, compared to July 2023, according to provisional data released by the Turkish Statistical Institute on Wednesday.  This reduction came as exports increased by 13.8 per cent to $22.51 billion, while imports fell by 7.8 per cent to $29.81 billion.

For the January-July 2024 period, exports increased by 4.1 per cent to $148.74 billion, and imports decreased by 8.3 per cent to $198.68 billion. The foreign trade deficit for this period dropped by 32.4 per cent to $49.94 billion.

Excluding energy products and non-monetary gold, exports grew by 13.0 per cent in July 2024, reaching $20.52 billion, while imports in this category decreased by 4.2 per cent to $23.51 billion. The export coverage of imports for this segment was 87.3 per cent.

Germany was Turkey’s top export partner in July 2024, with exports totalling $1.75 billion, followed by the UK and the USA. For imports, China led with $4.16 billion, followed by Russia and Germany.

Attribution: TURKSTAT

Subediting: Y.Yasser