Türkiye exports surge by over 2%, imports decline by nearly 11% in August 2024

Türkiye’s exports rose by 2.3%, while imports decreased by 10.7% in August 2024, according to provisional data released by the Turkish Statistical Institute (TurkStat) in cooperation with the Ministry of Trade.

The foreign trade deficit for August 2024 decreased by 42.7%, reflecting an overall improvement in the trade balance.

In August, Türkiye’s exports amounted to $22.05 billion, while imports stood at $27.04 billion, compared to the same month in 2023. The export coverage ratio for imports improved from 71.2% in August 2023 to 81.5% in August 2024.

Year-to-date performance: January-August 2024

For the period from January to August 2024:

• Exports: Increased by 3.9% to $170.8 billion.
• Imports: Decreased by 8.6% to $225.74 billion.
• Foreign trade deficit: Reduced by 33.5%, totaling $54.938 billion.
• Export coverage ratio: Improved from 66.6% (2023) to 75.7% (2024).

Excluding energy and non-monetary gold

Excluding energy products and non-monetary gold, in August:

• Exports: Increased by 2.5% to $20.15 billion.
• Imports: Decreased by 5.6% to $20.45 billion.
• Foreign trade deficit: Totaled $302 million for the month.
• Export coverage ratio: Achieved 98.5% for imports.

Sector and product breakdown

The export composition in August 2024 was as follows:

• Manufacturing products: 94.6% of total exports.
• Agriculture, forestry and fishing: 3.1%.
• Mining and quarrying: 1.7%.

The import composition was as follows:

• Intermediate goods: 69.6%.
• Capital goods: 14.9%.
• Consumption goods: 15.4%.

High-technology products represented 3% of total exports in the manufacturing sector, while these products accounted for 11% of total imports.

Main trading partners

Germany was Türkiye’s largest export partner in August 2024, with $1.67 billion in exports, followed by the U.S. ($1.34 billion), the United Kingdom ($1.24 billion), Iraq ($1.12 billion), and the UAE ($1.02 billion). These five countries accounted for 29% of Türkiye’s total exports.

On the import side, China was the top partner with $4.02 billion in imports, followed by Russia ($3.41 billion), Germany ($2.05 billion), the U.S. ($1.34 billion) and Italy ($1.32 billion). These five countries made up 44.9% of Türkiye’s total imports.

Foreign trade deficit shrinks significantly

The foreign trade deficit decreased by 42.7% in August 2024, amounting to $4.99 billion, compared with the same month in 2023. For the January-August 2024 period, the foreign trade deficit decreased by 33.5%, showing improved trade balance.