Energy Import Bill Decreased by 25.7% in January

According to temporary foreign trade statistics compiled by the Turkish Statistical Institute and the Ministry of Trade, Turkey’s total imports in January decreased by 22%, amounting to $26,218,363,000 compared to the same month last year.

A notable portion of this figure, $6,534,699,000, is attributed to energy imports, specifically categorized as “mineral fuels, mineral oils and products obtained from their distillation, bituminous substances, mineral waxes.”

In January 2023, this amount was recorded at $8,794,088,000, indicating a significant annual decrease of 25.7% in the energy import bill.

During this period, crude oil imports increased by 7.3%, reaching a total of 2,420,115 tons. The decrease in the overall energy import bill is seen as a positive development, contributing to the country’s efforts to manage trade balances and reduce external dependency in the energy sector.

source: prepared by Melisa Beğiç

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