Turkiye’s exports increased by 13.6% in February compared to the same month of the previous year, reaching $21 billion 82 million, and its imports decreased by 9.2%, reaching $27 billion 853 million.
Provisional foreign trade data for February, prepared in cooperation with the Turkish Statistical Institute and the Ministry of Commerce, has been announced.
Accordingly, within the scope of the General Trade System, exports increased by 13.6% in February compared to the same month of the previous year, reaching $21 billion 82 million, and imports decreased by 9.2%, reaching $27 billion 853 million.
Foreign trade deficit decreased by 44.2% in February compared to the same month of the previous year, falling to $6 billion 771 million.
The export-import coverage ratio increased from 60.5% in February 2023 to 75.7% last month.
Foreign trade deficit decreased by 51% in the January-February period
In the January-February period, exports increased by 8.5% compared to the same period last year, reaching $41 billion 78 million, and imports decreased by 16%, reaching $54 billion 33 million.
In the January-February period, the foreign trade deficit decreased by 51%, from $26 billion 419 million to $12 billion 955 million.
While the export-import coverage ratio was 58.9% in the January-February 2023 period, it increased to 76% in the same period this year.
Foreign trade numbers except energy and gold
Exports, excluding energy products and non-monetary gold, increased by 12.3% in February, from $17 billion 438 million to $19 billion 589 million. In February, imports excluding energy products and non-monetary gold increased by 5.2%, reaching $20 billion 989 million from $19 billion 958 million.
Foreign trade deficit, excluding energy products and non-monetary gold, was $1 billion 400 million in February.
Foreign trade volume increased by 8.5% and reached $40 billion 578 million. In the month in question, the ratio of exports to imports, excluding energy and gold, was 93.3%.
The share of the manufacturing industry was 94%
Accordingly, when economic activities are examined, the share of the manufacturing industry in exports in February was 94%, the share of the agriculture, forestry and fishing sector was 4.2%, and the share of the mining and quarrying sector was 1.4%.
According to economic activities in the January-February period, the share of the manufacturing industry in exports was 93.5%, the share of the agriculture, forestry and fishing sector was 4.5%, and the share of the mining and quarrying sector was 1.5%.
According to the classification of broad economic groups, the share of intermediate goods in imports in February was calculated as 68.8%, the share of capital goods was 15.8% and the share of consumer goods was 15.3%.
In imports, in the January-February period of this year, the share of intermediate goods was 70.9%, the share of capital goods was 14.9% and the share of consumer goods was 14%.
Germany ranks first in exports, Russia ranks first in imports
In February, Germany ranked first in exports among countries with $1 billion 722 million. This country was followed by the USA with $1 billion 332 million, Italy with $1 billion 158 million, Iraq with $1 billion 73 million and the United Kingdom with $1 billion 66 million. Exports to the top 5 countries in the month in question constituted 30.1% of total exports.
In the January-February period, Germany ranked first in exports with $3 billion 484 million. This country was followed by the USA with $2 billion 536 million, Iraq with $2 billion 169 million, Italy with $2 billion 156 million and the United Kingdom with $2 billion 88 million. Exports to the top 5 countries corresponded to 30.3% of total exports.
In February, Russia ranked first in imports. While the amount of imports from Russia was calculated as $4 billion 27 million, this country was followed by China with $3 billion 434 million, Germany with $2 billion 218 million, Italy with $1 billion 543 million, and the USA with $1 billion 337 million. Imports from the first 5 countries corresponded to 45.1% of total imports.
Russia ranked first in imports in the January-February period with $8 billion 352 million. This country was followed by China with $6 billion 327 million, Germany with $4 billion 135 million, the USA with $2 billion 739 million, and Italy with $2 billion 730 million. The share of imports from the first 5 countries in total imports was calculated as 44.9%.
According to the series adjusted for seasonal and calendar effects, exports increased by 2.1% and imports increased by 4.9% in February compared to the previous month. According to the series adjusted for calendar effects, exports increased by 10.2% in February compared to the same month of the previous year, while imports decreased by 12.7%.
Foreign trade data according to technology intensity covers manufacturing industry products included in the “ISIC Rev.4” classification. According to this classification, the share of manufacturing industry products in total exports was 94% in February. The share of high technology products in manufacturing industry exports was recorded as 2.7%.
According to ISIC Rev.4, in the January-February period, the share of manufacturing industry products in total exports was 93.5%, and the share of high technology products in manufacturing industry products exports was 3.1%.
In February, the share of manufacturing industry products in total imports was determined as 79.6%. The share of high technology products in manufacturing industry products imports was recorded as 12.5%. In the January-February period, the share of manufacturing industry products in total imports was recorded as 77.6%, and the share of high technology products in manufacturing industry products imports was recorded as 12.1%.
Private Trading System data
According to the Special Trade System, exports in February increased by 13.2% compared to the same month last year, reaching $19 billion 241 million. Imports decreased by 9% to $26 billion 298 million.
In February, the foreign trade deficit decreased by 40.7%, from $11 billion 895 million to $7 billion 57 million. While the export-import coverage ratio was 58.8% in February 2023, it increased to 73.2% in the same month this year.
According to the special trade system, exports increased by 7.8% in the January-February period compared to the same period of the previous year, reaching $37 billion 174 million, and imports decreased by 15.9%, reaching $51 billion 69 million.
In the January-February period, the foreign trade deficit decreased by 47%, from $26 billion 239 million to $13 billion 895 million. While the export-import coverage ratio was 56.8% in the January-February period of 2023, it increased to 72.8% in the same period of 2024.
Source: AA / Prepared by Irem Yildiz