Türkiye’s June exports hold strong at $18.5B amid seasonal challenges

Türkiye’s trade dynamics in June reflected a nuanced picture, as announced by the Turkish Trade Ministry. Exports totaled $18.5 billion, marking a 10.6% decline compared to the previous year.

Concurrently, imports also decreased by 4.1%, amounting to $25 billion over the same period.

The ministry attributed the decline in June exports to several factors, including a temporary calendar effect exacerbated by the nine-day Eid holiday and five weekends, which reduced working days and consequently dampened export activities.

Despite the monthly challenges, Türkiye’s export performance for the year’s first half showed resilience, totaling $125.44 billion, a 2% increase from the previous year.

Conversely, imports during the same period decreased by 8.5% to $168.7 billion, reflecting ongoing shifts in trade dynamics.

First half of 2024: Resilience in exports, decline in imports

Overall, Türkiye’s foreign trade volume for the January to June period declined by 4.3% to $293.13 billion.

However, there was a notable improvement in the trade balance, with the deficit shrinking by 29.5% to $43.2 billion.

The export/import coverage ratio also saw improvement, rising to 74.4% from 66.7% year-on-year.

Looking at the broader 12-month perspective, Türkiye’s exports stood at $257.8 billion, up 2.5%, while imports decreased by 6.7% to $346 billion.