The temporary foreign trade data for January, created in collaboration between the Turkish Statistical Institute (TÜİK) and the Ministry of Trade, has been announced.
According to the data under the General Trade System (GTS), exports in January increased by 3.5% compared to the same month last year, reaching $19.991 billion, while imports decreased by 22% to $26.218 billion.
The foreign trade deficit in January decreased by 56.4% compared to the same month last year, reaching $6.227 billion.
The export-to-import ratio increased from 57.5% in January 2023 to 76.2% last month.
Trade excluding energy and gold Exports excluding energy products and non-monetary gold increased by 3% in January, rising from $18.044 billion to $18.592 billion. Imports excluding energy products and non-monetary gold decreased by 6.2%, dropping from $19.886 billion to $18.660 billion.
The foreign trade deficit excluding energy products and non-monetary gold was $68 million in January.
The foreign trade volume decreased by 1.8%, reaching $37.251 billion. In terms of energy and gold excluding exports covering imports, the ratio was 99.6% in that month.
Manufacturing industry accounted for 93% When economic activities are examined, the share of the manufacturing industry in exports in January was 93%, while the share of the agriculture, forestry, and fishing sector was 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 January was 73.2%, the share of capital goods was 14%, and the share of consumer goods was 12.6%.
Germany leads in exports, Russia in imports In January, Germany took the first place in exports among countries with $1.762 billion. The United States followed with $1.224 billion, Iraq with $1.097 billion, the United Kingdom with $1.022 billion, and Italy with $999 million. The exports to these top 5 countries constituted 30.5% of the total exports.
In imports, Russia took the first place in January. The amount of imports from Russia was calculated as $4.324 billion, followed by China with $2.893 billion, Germany with $1.918 billion, the United States with $1.402 billion, and Italy with $1.187 billion. Imports from the top 5 countries constituted 44.7% of total imports.
Seasonally and calendar-adjusted series show that in January, compared to the previous month, exports decreased by 5.1%, and imports decreased by 4.8%. According to the seasonally and calendar-adjusted series, in January, compared to the same month last year, exports increased by 0.4%, while imports showed a decrease of 23.6%.
Foreign trade data by technology intensity covers manufacturing industry products within the “ISIC Rev.4” classification. According to this classification, the share of manufacturing industry products in total exports in January was 93%. The share of high-tech products in manufacturing industry product exports was recorded as 3.5%.
In January, the share of manufacturing industry products in total imports was determined as 75.3%. The share of high-tech products in manufacturing industry product imports was recorded as 11.7%.
Private Trade System data According to the Private Trade System, exports in January increased by 2.5% compared to the same month last year, reaching $17.928 billion. Imports decreased by 22.1%, falling to $24.809 billion.
In January, the foreign trade deficit decreased by 52%, dropping from $14.344 billion to $6.88 billion. The export-to-import ratio increased from 54.9% in January 2023 to 72.3% in the same month of this year.
source: aa.com.tr/ prepared by Melisa Beğiç