Türkiye's foreign trade balance sees mixed results in June

The data showcases various fluctuations in both export and import indices compared to the corresponding periods in the previous year.

In terms of export, the overall unit value index exhibited a decline of 1.6% in June compared to the same month in the previous year. The indices for food, beverages, and tobacco, as well as manufactured goods (excluding food, beverages, and tobacco), experienced a positive shift, increasing by 3.6% and 1.8%, respectively. On the other hand, indices for crude materials (excluding fuels) and fuels showed a notable decrease of 13.6% and 39.8% respectively.

Similarly, the overall export volume index saw a significant drop of 9.2% when compared to June 2022. While the fuel index marked a substantial increase of 22.3%, indices for food, beverages, and tobacco, crude materials (excluding fuels), and manufactured goods (excluding food, beverages, and tobacco) declined by 11.4%, 18.9%, and 11.4%, respectively.

Import trends followed suit with the overall import unit value index falling by 15.6% in June 2023 compared to the same period last year. Within this category, food, beverages, and tobacco, crude materials (excluding fuels), fuels, and manufactured goods (excluding food, beverages, and tobacco) registered decreases of 11.3%, 27.6%, 39.2%, and 7.3%, respectively.

The import volume index also experienced a drop, albeit a more modest one, as it decreased by 2.2% in June 2023 compared to the corresponding period in the previous year. Food, beverages, and tobacco, and manufactured goods (excluding food, beverages, and tobacco) witnessed growth with increases of 18.2% and 0.6% respectively. In contrast, the indices for crude materials (excluding fuels) and fuels decreased by 19.8% and 11.9%.

The terms of trade, a critical economic indicator, demonstrated an improvement. It is calculated by dividing the export unit value index by the import unit value index and then multiplying the result by 100. In June 2023, the terms of trade stood at 89.3, marking an increase of 12.8 points compared to the same month the previous year.

These numbers depict a complex economic landscape characterized by fluctuations in exports and imports, influenced by a variety of factors. Economists and analysts are closely monitoring these trends as Türkiye navigates its economic trajectory in the global context. (ILKHA)