Foreign Trade Data For August 2023 Announced

The Ministry of Commerce announced the foreign trade  data for August 2023. According to the declared data, In August of 2023, compared to the same period of the previous year, While exports increased by 1.6 percent to 21 billion 619 million dollars, imports decreased by 6.3 percent to 30 billion 494 million dollars. Thus, the foreign trade deficit decreased by 21.2 percent in August compared to the same month of the previous year and amounted to 8 billion 875 million dollars.

Looking at the data for the January-August period of 2023, motor land vehicles exports increased by 19.4 percent to 19 billion 890 million dollars, and boiler and machinery exports increased by 16.1 percent to 16 billion 571 million dollars, compared to the same month of the previous year. It is seen that exports increased by 16.9 percent and reached 9 billion 983 million dollars.

Significant Increase in Unprocessed Gold Imports

The striking point in the August 2023 data is that imports decreased by 6.3 percent and amounted to 30 billion 494 million dollars. Thus, in January-August, the total import rate increased by 3.5 percent compared to the previous year and became 247 billion 321 million dollars. Considering these data, it is seen that the source of the periodic increase in imports is unprocessed, primarily gold imports. However, excluding gold, imports decreased by 2.3 percent to 224 billion 545 million dollars in January-August.

In exports, it is observed that the highest amount of trade is made to Germany with 1 billion 783 million dollars, followed by Germany respectively; The USA follows it with 1 billion 322 million dollars and Iraq with 1 billion 91 million dollars. The countries with the highest imports in August are China, the Russian Federation and Germany. In addition, considering the whole of August, it is seen that the manufacturing industry ranks first in both imports and exports.

SOURCE: https://ticaret.gov.tr/haberler/2023-yili-agustos-ayi-dis-ticaret-verileri