The provisional data, produced in cooperation with the Ministry of Trade, indicated that exports reached $22.51 billion in July 2024, marking a 13.8% rise compared to the same month in 2023. Imports, on the other hand, fell by 7.8% to $29.81 billion during the same period.

For the first seven months of 2024, exports totaled $148.74 billion, reflecting a 4.1% increase from January-July 2023. Imports during this period amounted to $198.68 billion, an 8.3% decline from the previous year.

When excluding energy products and non-monetary gold, exports in July 2024 were $20.52 billion, up 13.0% from July 2023. Imports in this category decreased by 4.2% to $23.51 billion. The foreign trade deficit for this segment was $2.98 billion in July 2024, with a total trade volume of $44.03 billion, representing a 3.1% increase. The coverage ratio of exports to imports excluding energy products and non-monetary gold stood at 87.3%.

Türkiye's overall foreign trade deficit in July 2024 was $7.30 billion, a decrease of 41.8% compared to July 2023. The export-to-import coverage ratio improved to 75.5%, up from 61.2% in July 2023. For the January-July 2024 period, the trade deficit narrowed by 32.4% to $49.94 billion, with the coverage ratio improving to 74.9% from 65.9% in the same period of the previous year.

Manufactured products accounted for 94.5% of Türkiye’s total exports in July 2024. The agricultural, forestry, and fishing sectors contributed 2.8%, while mining and quarrying accounted for 2.1%. For the January-July 2024 period, the shares were 94.3% for manufacturing, 3.6% for agriculture, and 1.7% for mining.

In July 2024, intermediate goods made up 68.6% of total imports, followed by capital goods at 15.9% and consumption goods at 15.3%. These ratios were slightly different for the January-July 2024 period, with intermediate goods at 69.7%, capital goods at 14.8%, and consumption goods at 15.3%.

Germany remained Türkiye’s top export partner in July 2024, with exports to the country totaling $1.75 billion. The UK, USA, Iraq, and Italy followed, contributing to 30.6% of Türkiye’s total exports for the month. From January to July 2024, Germany was also the top export destination, with $11.95 billion, followed by the USA, UK, Italy, and Iraq, accounting for 29.9% of total exports.

On the import side, China was Türkiye’s main partner in July 2024, with imports totaling $4.16 billion. Russia, Germany, Italy, and the USA followed, together representing 44.5% of Türkiye’s total imports. For the January-July 2024 period, Russia led with $25.81 billion, followed by China, Germany, Italy, and the USA, comprising 43.9% of total imports.

In July 2024, high-tech products accounted for 2.8% of Türkiye’s manufacturing exports and 11.5% of its manufacturing imports. For the January-July 2024 period, these figures were 3.4% and 11.0%, respectively.

Under the special trade system, Türkiye’s exports in July 2024 were $20.41 billion, up 14.0% from July 2023, while imports decreased by 8.6% to $27.14 billion. The trade deficit under this system was $6.74 billion, a 42.9% decrease compared to the previous year. The coverage ratio of exports to imports was 75.2%, an improvement from 60.3% in July 2023.

From January to July 2024, the trade deficit under the special trade system decreased by 31.2% to $49.96 billion, with exports covering 72.9% of imports, up from 64.2% in the same period in 2023. (ILKHA)