According to temporary foreign trade data produced by the Turkish Statistical Institute and the Ministry of Trade under the general trade system; exports increased by 13.8% in July 2024 compared to the same month of the previous year and amounted to 22 billion 510 million dollars, while imports decreased by 7.8% to 29 billion 805 million dollars.
EXPORTS INCREASED BY 4.1%, IMPORTS DECREASED BY 8.3% IN JANUARY-JULY PERIOD
According to the general trade system, exports increased by 4.1% in the January-July period of 2024 compared to the same period of the previous year and amounted to 148 billion 738 million dollars, while imports decreased by 8.3% to 198 billion 676 million dollars.
FOREIGN TRADE DEFICIT DECREASED BY 41.8% IN JULY
In July, the foreign trade deficit decreased by 41.8% compared to the same month of the previous year, falling from 12 billion 532 million dollars to 7 billion 295 million dollars. The export-import coverage ratio increased from 61.2% in July 2023 to 75.5% in July 2024.
THE SHARE OF MANUFACTURING INDUSTRY IN TOTAL EXPORTS WAS 94.5% IN JULY
According to economic activities, in exports in July 2024, the share of the manufacturing industry was 94.5%, the share of agriculture, forestry and fisheries sector was 2.8%, and the share of mining and quarrying sector was 2.1%.
In the January-July period, the share of manufacturing industry in exports according to economic activities was 94.3%, the share of agriculture, forestry and fisheries sector was 3.6%, and the share of mining and quarrying sector was 1.7%.
In imports, the share of intermediate goods was 69.7%, the share of capital goods was 14.8%, and the share of consumer goods was 15.3% in the January-July period of 2024.
GERMANY WAS THE COUNTRY WITH THE HIGHEST EXPORTS IN JULY
Germany ranked first in exports in July. Exports to Germany amounted to 1 billion 752 million dollars, followed by; the United Kingdom with 1 billion 604 million dollars, the USA with 1 billion 441 million dollars, Iraq with 1 billion 59 million dollars, and Italy with 1 billion 29 million dollars. Exports to the top 5 countries accounted for 30.6% of total exports.
EXPORTS AMOUNTED TO 134 BILLION 564 MILLION DOLLARS IN THE JANUARY-JULY PERIOD OF 2024
According to the special trade system, exports increased by 3.4% in the January-July period of 2024 compared to the same period of the previous year and amounted to 134 billion 564 million dollars, while imports decreased by 9.0% to 184 billion 525 million dollars.
In the January-July period, the foreign trade deficit decreased by 31.2% from 72 billion 573 million dollars to 49 billion 961 million dollars. The export-import coverage ratio increased from 64.2% in the January-July period of 2023 to 72.9% in the same period of 2024.