Data from the Turkish Statistical Institute (TUIK) confirmed a decline in the external trade deficit in October.
According to data from the Turkish Research Institute, the external trade deficit decreased by 17.5 percent in October compared to the same month of the previous year, from $7.9 billion to $6.5 billion.
In the same period, exports increased by 7.4 percent compared to the same month of the previous year, reaching $22.9 billion, and imports also increased by 0.6 percent, reaching $29.4 billion.
Exports, excluding energy products and non-monetary gold, increased by 4.6 percent in October 2023, from $19.7 billion to $20.6 billion.
In October, imports excluding energy products and non-monetary gold rose 18.8 percent, from $18.6 billion to $22.1 billion.
The external trade deficit, excluding energy products and non-monetary gold, was $1.5 billion in October. The volume of foreign trade increased by 11.5 percent, reaching $42.8 billion. In the month in question, the ratio of exports to imports, excluding energy and gold, was 93.2%.
The external trade deficit for the period from January to October amounts to $93.9 billion
In the period January-October of 2023, exports increased by 0.2 percent compared to the same period of the previous year, reaching $209.9 billion, and imports increased by 1.1 percent, reaching $303.8 billion.
From January to October, the external trade deficit rose by 3.2 percent, from $91 billion to $93.9 billion. While the coverage ratio of exports and imports reached 69.7% in the period from January to October 2022, it decreased to 69.1% in the same period in 2023.
Exports to Israel decreased by 29 percent
Germany ranked first in exports in October. While exports to Germany amounted to $1.8 billion, these countries are: It was followed by Iraq with $1.3 billion, the United States with $1.25 billion, and the United Arab Emirates and Italy with $1.1 billion. Exports to the five major countries represented 28.7 percent of total exports.
In the same period, exports to Israel decreased by 29 percent to $347.9 million.
Germany ranked first in exports in the period from January to October. While exports to Germany amounted to 17 billion 666 million dollars, these countries; Followed by the United States with 12 billion 261 million dollars, Italy with 10 billion 269 million dollars, Iraq with 10 billion 253 million dollars, and the United Kingdom with 10 billion 178 million dollars. Exports to the five major countries represented 28.9 percent of total exports.