While overall export volume saw a healthy increase of 7.0% compared to January 2023, the export unit value index (which reflects export prices) decreased by 3.3%. This suggests that Türkiye is exporting more goods, but at lower prices.

The decline in export unit value was observed across most categories except for food, beverages, and tobacco, which saw a slight increase. Manufactured goods, crude materials (excluding fuels), and fuels all experienced decreases in unit value.

Import data presented a similar trend. The overall import unit value index dropped significantly by 9.3% year-over-year. This decrease was widespread across all import categories, with the steepest decline seen in fuels (down 31.8%).

The total import volume also dipped by 13.9% compared to January 2023. However, there were some positive exceptions. Crude materials (excluding fuels) and fuels saw import volume increases of 3.9% and 8.9% respectively.

When adjusted for calendar and seasonal effects, both export and import volumes exhibited some decline in January compared to December 2023. However, compared to January 2023, the calendar-adjusted export volume index still showed a modest increase of 2.8%.

Despite the decrease in export unit values, Türkiye's terms of trade (a measure of export prices compared to import prices) actually improved in January 2024. This is because the decline in import unit values outpaced the decrease in export unit values. (ILKHA)