Türkiye’s foreign trade indices for July 2024: Export volume increases by 12.8%

Türkiye’s export and import indices for July 2024 reveal significant changes in both unit value and volume compared to the same period in 2023, according to Turkish Statistical Institute (TUIK) data released for Foreign Trade Indices.

Export unit value index up by 0.9%

In July 2024, Türkiye’s overall export unit value index increased by 0.9% compared to July 2023. Notably, the index decreased by 1.0% for manufactured goods (excluding food, beverages, and tobacco), increased by 8.4% for food, beverages and tobacco, increased by 5.4% for crude materials (excluding fuels), and dropped by 0.7% for fuels.

Export volume index rises by 12.8%

The overall export volume index saw a robust increase of 12.8% in July 2024 compared to the same month in 2023. During this period, the export volume for food, beverages, and tobacco declined by 1.9%, while it rose by 6.5% for crude materials (excluding fuels) and by 15.2% for manufactured goods (excluding food, beverages, and tobacco). The volume of fuels decreased by 4.5%.

Import unit value index increases by 3.1%

Turkey’s import unit value index also rose by 3.1% in July 2024, compared to the same month of the previous year.

This includes an increase of 7.0% for food, beverages, and tobacco, a 10.1% rise for fuels, a 3.9% increase for crude materials (excluding fuels), and a modest 0.3% rise for manufactured goods (excluding food, beverages, and tobacco).

Import volume index falls by 10.5%

The overall import volume index dropped by 10.5% in July 2024, compared to July 2023. The food, beverages, and tobacco sector saw a significant decline of 17.1%, while crude materials (excluding fuels) decreased by 5.5%, fuels by 4.1%, and manufactured goods (excluding food, beverages, and tobacco) also by 4.1%.

Adjusted indices

Seasonally and calendar-adjusted export volume fell by 1.6% from June 2024, while the calendar-adjusted export volume increased by 4.1% compared to July 2023. Similarly, the seasonally and calendar-adjusted import volume index dropped by 3.9% from June 2024, while the calendar-adjusted import volume index fell by 13.2% compared to July 2023.

Terms of trade declines

Terms of trade, calculated by dividing the export unit value index by the import unit value index and multiplying by 100, fell from 90.0 in July 2023 to 88.1 in July 2024, marking a 1.9-point decline.