Türkiye’s exports hit $170.8 billion in eight months, 3.9 percent increase year-on-year

ANKARA : From January to August, Türkiye’s exports reached $170.8 billion, reflecting a 3.9 percent increase compared to the same time frame last year, according to new official data. This upward trend, coupled with a decline in imports, contributed to reducing the country’s foreign trade deficit to its lowest point in nearly three years.

Türkiye’s Trade Minister Ömer Bolat announced at a recent meeting in Istanbul that imports totaled $225.7 billion, representing an 8.7 percent drop.

In August, exports increased by 2.4 percent, hitting $22.1 billion, the highest level recorded for that month. Bolat’s remarks were reported by the Daily Sabah.

Meanwhile, imports fell by 10.8 percent, amounting to nearly $27 billion, as the data indicated.

As a result, Türkiye’s trade deficit shrank by 43.4 percent to $4.9 billion, the smallest it has been in 34 months. Additionally, the import-to-export coverage ratio improved, climbing to 81.7 percent.

Türkiye experienced a significant enhancement in trade conditions this year, with its foreign trade deficit decreasing by 41.8 percent year-on-year to $7.295 billion, as reported by the Turkish Statistical Institute (TÜİK). Last month, exports surged by 13.8 percent annually, reaching $22.5 billion, while imports fell by 7.8 percent to $29.8 billion.

During the January to July 2024 period, Türkiye’s foreign trade deficit amounted to $49.938 billion, reflecting a 32.4 percent decline compared to the same period in the previous year.