Turkiye’s exports increased by 7.4% in October compared to the same month of the previous year, reaching $22 billion 871 million, and its imports increased by 0.6%, reaching $29 billion 390 million.
Provisional foreign trade data for October, prepared in cooperation with the Turkish Statistical Institute and the Ministry of Commerce, has been announced.
Accordingly, in October 2023, exports increased by 7.4% compared to the same month of the previous year, reaching $22 billion 871 million, and imports increased by 0.6%, reaching $29 billion 390 million.
According to the general trade system, exports increased by 0.2% in the January-October period of 2023 compared to the same period of the previous year, reaching $209 billion 904 million, and imports increased by 1.1%, reaching $303 billion 821 million.
Exports, excluding energy products and gold, increased by 4.6% and imports by 18.8%
Exports, excluding energy products and non-monetary gold, increased by 4.6% in October 2023, from $19 billion 721 million to $20 billion 627 million.
In October, imports excluding energy products and non-monetary gold increased by 18.8%, from $18 billion 637 million to $22 billion 135 million.
Foreign trade deficit, excluding energy products and non-monetary gold, was $1 billion 508 million in October. Foreign trade volume increased by 11.5% and reached $42 billion 761 million. In the month in question, the ratio of exports to imports, excluding energy and gold, was 93.2%.
Foreign trade deficit decreased by 17.5%
In October, foreign trade deficit decreased by 17.5% compared to the same month of the previous year, from $7 billion 902 million to $6 billion 519 million. While the export-import coverage ratio was 72.9% in October 2022, it increased to 77.8% in October 2023.
In the January-October period, foreign trade deficit increased by 3.2%, from $91 billion 44 million to $93 billion 917 million. While the export-import coverage ratio was 69.7% in the January-October 2022 period, it decreased to 69.1% in the same period of 2023.
The share of the manufacturing industry in total exports was 93.5%
According to economic activities, the share of the manufacturing industry in exports in October 2023 was 93.5%, the share of the agriculture, forestry and fishing sector was 4.6%, and the share of the mining and quarrying sector was 1.5%.
According to economic activities in the January-October period, the share of the manufacturing industry in exports was 94.5%, the share of the agriculture, forestry and fishing sector was 3.6%, 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 was 68.2%, the share of capital goods was 15.7% and the share of consumer goods was 16.1% in October 2023.
In imports, the share of intermediate goods was 73.0%, the share of capital goods was 14.1% and the share of consumer goods was 12.8% in the January-October 2023 period.
The country with the most exports was Germany
Germany ranked first in exports in October. While exports to Germany amounted to $1 billion 763 million, these countries are; It was followed by Iraq with $1 billion 322 million, the USA with $1 billion 254 million, the United Arab Emirates with $1 billion 115 million, and Italy with $1 billion 110 million. Exports to the top 5 countries constituted 28.7% of total exports.
Germany ranked first in exports in the January-October period. While exports to Germany amounted to $17 billion 666 million, these countries are; It was followed by the USA with $12 billion 261 million, Italy with $10 billion 269 million, Iraq with $10 billion 253 million and the United Kingdom with $10 billion 178 million. Exports to the top 5 countries constituted 28.9% of total exports.
China ranked first in imports
China ranked first in imports. In October, imports from China were $3 billion 761 million, followed by the Russian Federation with $3 billion 233 million, Germany with $2 billion 606 million, Italy with $1 billion 344 million, and the USA with $1 billion 247 million. Imports from the first 5 countries constituted 41.5% of total imports.
China ranked first in imports in the January-October period. While imports from China amounted to $38 billion 156 million, these countries are; It was followed by the Russian Federation with $37 billion 937 million, Germany with $23 billion 796 million, Switzerland with $17 billion 707 million, and the USA with $13 billion 87 million. Imports from the first 5 countries constituted 43.0% of total imports.
The share of high-tech products in manufacturing industry exports was 4.1%
Foreign trade data according to technology intensity covers manufacturing industry products included in the ISIC Rev.4 classification. According to ISIC Rev.4 in October, the share of manufacturing industry products in total exports was 93.5%. The share of high technology products in manufacturing industry exports is 4.1%. According to ISIC Rev.4, the share of manufacturing industry products in total exports was 94.5% in the January-October period. In the January-October period, the share of high technology products in manufacturing industry exports was 3.7%.
The share of manufacturing industry products in total imports was 82.6% in October. The share of high technology products in imports of manufacturing industry products is 11.1%. In the January-October period, the share of manufacturing industry products in total imports was 80.9%. In the January-October period, the share of high technology products in imports of manufacturing industry products was 10.3%.
According to the special trade system, exports reached $20 billion 730 million in October 2023
According to the special trade system, in October 2023, exports increased by 6.3% compared to the same month of the previous year, reaching $20 billion 730 million, and imports increased by 0.2%, reaching $27 billion 550 million.
In October, the foreign trade deficit decreased by 14.8%, from $8 billion 2 million to $6 billion 819 million. While the export-import coverage ratio was 70.9% in October 2022, it increased to 75.2% in October 2023.
Exports reached $190 billion 730 million in the January-October period of 2023
According to the special trade system, exports decreased by 1.9% to $190 billion 730 million in the January-October period of 2023 compared to the same period of the previous year, and imports increased by 0.4% to $284 billion 265 million.
In the January-October period, foreign trade deficit increased by 5.4%, from $88 billion 723 million to $93 billion 535 million. While the export-import coverage ratio was 68.7% in the January-October 2022 period, it decreased to 67.1% in the same period of 2023.
Source: Trthaber / Prepared by Irem Yildiz