19.9 C
Frankfurt am Main

Turkey’s foreign trade deficit shrinks by 21.2 pct year-on-year in August

Must read

Turkey’s foreign trade deficit narrowed by 21.2 percent year-on-year in August to $8.875 billion, the Kısa Dalga news website reported, citing data from Turkey’s trade ministry.

Turkey’s exports rose 1.6 percent and imports decreased 6.3 percent compared to August 2022, the ministry said.

The official data showed that the country’s foreign trade deficit in 2023 climbed 12.1 percent from $73.6 billion in July to $82.4 billion in August.

Trade volume grew by 1.9 percent for the period between January and August 2023, compared to the same period last year. During this time, exports decreased slightly by 0.4 percent to $164.907 billion, while imports increased by 3.5 percent to $247.321 billion.

Germany was the leading export destination in August with $1.783 billion, followed by the US with $1.322 billion and Iraq with $1.091 billion. The top 10 countries accounted for 46.3 percent of total exports.

In terms of imports, China led with $3.828 billion, followed by Russia with $3.420 billion and Germany with $2.556 billion. The top 10 countries accounted for 60.8 percent of total imports.

Liked it? Take a second to support Turkish Minute on Patreon!
Become a patron at Patreon!
More News
Latest News