Türkiye's exports see price decline, volume growth

While the overall export unit value index decreased by 1.9% compared to April 2023, the export volume index showed a positive increase of 1.9%.

This decrease in unit value suggests that Turkish exports became slightly cheaper on average compared to last year. However, the increase in volume indicates a rise in the quantity of goods exported.

Looking at specific categories, manufactured goods (excluding food, beverages, and tobacco) saw the most significant decline in unit value (2.9%). Food, beverages, and tobacco, on the other hand, experienced a slight increase (1.1%).

The volume of exports also varied across categories. Food, beverages, and tobacco showed the strongest growth (5.3%), while manufactured goods (excluding food, beverages, and tobacco) witnessed a decrease (2.3%).

On the import side, the overall unit value index rose by 0.4% compared to April 2023. This indicates a slight increase in the average price of imported goods. However, the overall import volume index also went up by 3.7%, suggesting a rise in the quantity of imported goods.

The import volume increase was particularly significant for fuels (40.8%). Manufactured goods (excluding food, beverages, and tobacco) also saw a growth of 7.2%.

When seasonal variations are taken into account, the picture becomes more nuanced. The calendar and seasonally adjusted export volume index actually decreased by 2.8% compared to March 2024. However, compared to April 2023, it still shows a positive increase of 1.9%.

On the import side, the calendar and seasonally adjusted import volume index rose by a significant 6.3% compared to March 2024. This indicates a strong upward trend in imports when seasonal factors are removed.

The terms of trade, which measure the relative price of a country's exports compared to its imports, also saw a slight decline in April 2024. It dropped by 2.0 points to 86.0 compared to 88.0 in April 2023.

Overall, Turkey's trade data for April 2024 presents a complex picture. While export unit values decreased, export volumes rose in some categories. Imports also grew in both value and volume. The decline in terms of trade suggests a slight weakening in Turkey's export position. (ILKHA)