According to the Turkish Statistical Institute, the overall export unit value index increased by 3.6% compared to September 2023, reflecting higher prices in key sectors such as food, beverages, and tobacco, which saw a significant 11.6% rise. However, the export volume index fell by 5.2%, indicating a decrease in the quantity of goods exported.
The decline in export volumes was primarily driven by a drop in exports of fuels, which plummeted by 34.3%, and a decrease in food, beverages, and tobacco by 11.8%. On the other hand, manufactured goods (excluding food, beverages, and tobacco) showed resilience, with a slight increase of 1.3% in export volume.
On the import side, the overall import unit value index increased by 4.7%, with significant price hikes in food, beverages, and tobacco (8.2%), and crude materials (5.3%). However, fuel prices decreased by 3.7%. The overall import volume index also saw a decline of 5.8%, with food, beverages, and tobacco imports down by 9.0%, and fuel imports dropping by 13.1%. Conversely, crude materials (except fuels) and manufactured goods (excluding food, beverages, and tobacco) experienced increases in volume by 4.1% and 2.1%, respectively.
Further adjustments for seasonality and the calendar indicated a decrease in export and import volumes. The seasonally adjusted export volume index dropped by 4.6%, while the adjusted import volume index saw a smaller decline of 0.7%.
Türkiye’s terms of trade, a key indicator of the country's trading position, decreased by 1.0 points to 86.7 in September 2024, compared to 87.7 in the same month last year, signaling a slight worsening in the trade balance.
The latest figures underline the challenges in Türkiye’s trade landscape, marked by fluctuating demand and price changes across major export and import categories. (ILKHA)
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