Turkish Lira-Based Foreign Trade Increases by 49.3% Year-on-Year in the First Half of the Year
In the first half of the year, Turkiye’s foreign trade volume conducted in Turkish lira saw a substantial increase, exceeding ₺519.6 billion. Data from the Ministry of Trade indicates that exports in this period rose by 2% year-on-year to $125.446 billion, with significant growth in lira-based trade.
Turkish lira-based exports increased steadily each month during the first half of the year. In January, exports reached ₺21.811 billion, a 49.7% increase compared to the same month last year. Imports in January also surged by 55.7%, amounting to ₺47.864 billion, leading to a total trade volume of ₺69.675 billion for the month.
February recorded the highest export figures for the year, with lira-based exports rising by 83.2% year-on-year to ₺25.154 billion, and imports increasing by 74.8% to ₺70.556 billion. The trade volume for February stood at ₺95.710 billion, marking the highest monthly trade volume in 2024 so far.
In March, lira-based exports grew by 47.3% year-on-year to ₺26.309 billion, while imports rose by 43.8% to ₺65.795 billion, resulting in a trade volume of ₺92.103 billion.
April saw a 56% increase in lira-based exports to ₺22.296 billion and a 47% rise in imports to ₺63.379 billion, bringing the total trade volume to ₺85.674 billion.
In May, exports soared by 71.4% year-on-year to ₺27.796 billion, and imports increased by 34.4% to ₺66.520 billion, resulting in a trade volume of ₺94.316 billion.
Despite a slight monthly decline in June due to the Eid al-Adha holiday, lira-based trade still showed an annual increase. Exports in June rose by 29% year-on-year to ₺21.323 billion, while imports grew by 33.8% to ₺60.876 billion, leading to a total trade volume of ₺82.199 billion for the month.
Throughout the first half of the year, Turkiye exported goods valued at ₺144.688 billion, a 55% increase compared to the same period last year. Imports during this period reached ₺374.990 billion, up 47.1% from last year’s ₺254.947 billion. Consequently, the total foreign trade volume in Turkish lira for the first six months of 2024 increased by 49.3% to ₺519.678 billion from ₺348.141 billion.
In June alone, Turkiye exported to 160 countries using the Turkish lira, with 37,030 firms conducting their exports in lira.
Source: Trthaber / Prepared by Irem Yildiz