Türkiye’s export unit value index rises by 3.8% in October

The overall export unit value index experienced a 3.8% increase compared to the same month in 2023, driven by a 3.0% rise in manufactured goods (excluding food, beverages, and tobacco), a significant 13.0% growth in food, beverages, and tobacco, and a 7.0% uptick in crude materials (excluding fuels). However, the value of fuels declined by 9.3%.

Despite the rise in unit values, the export volume index decreased by 0.7%. The food, beverages, and tobacco sector saw a steep 9.1% decline, while crude materials (excluding fuels) rose slightly by 0.9%. Fuels experienced a sharp 17.4% drop, but manufactured goods (excluding food, beverages, and tobacco) increased by 5.8%.

On the import side, the unit value index showed a 3.9% increase year-on-year. This included a 6.4% rise in food, beverages, and tobacco, a 4.7% decline in fuels, a 4.6% increase in crude materials (excluding fuels), and a 2.6% rise in manufactured goods (excluding food, beverages, and tobacco). However, the import volume index contracted by 3.7%, with declines across most categories except for a modest 0.4% increase in manufactured goods.

Seasonally adjusted figures revealed mixed results. The calendar and seasonally adjusted export volume index dropped by 1.3% from September to October, while the calendar-adjusted export volume index fell by 4.6% compared to October 2023. Conversely, the calendar and seasonally adjusted import volume index rose by 6.5% month-on-month, although it declined by 2.2% on a year-on-year basis.

The terms of trade, reflecting the balance between export and import prices, remained relatively stable, recording a slight decrease from 86.1 in October 2023 to 86.0 in October 2024.

These findings underscore the complexities of Türkiye's trade landscape, highlighting areas of growth and challenge within the global and domestic economic context. (ILKHA)