According to the general trade system, exports experienced a commendable uptick of 1.6%, reaching $21.615 billion, while imports registered a 6.9% decline, totaling $30.271 billion when compared to August 2022.
Throughout the January-August 2023 period, exports saw a marginal dip of 0.4%, amounting to $164.794 billion, while imports witnessed a 3.4% increase, reaching $247.097 billion in comparison to the same period in 2022.
Breaking down the data further, when energy products and non-monetary gold are excluded, exports and imports exhibited a 0.7% and 0.9% increase, respectively, in August 2023. The foreign trade deficit, excluding these elements, stood at $1.928 billion.
Notably, the foreign trade deficit witnessed a significant decrease of 23.1% in August 2023 compared to the same month in the previous year. However, the overall foreign trade deficit increased by 11.9% in the January-August 2023 period.
Manufacturing industries products dominated exports, constituting 94.7% in August 2023, emphasizing the nation's strength in industrial output. The ratios of agriculture, forestry, and fishing, as well as mining and quarrying, stood at 3.4% and 1.4%, respectively.
The main partners in trade revealed Germany as the leading country for exports in August 2023, with a total of $1.782 billion. Meanwhile, China emerged as the top destination for imports, amounting to $3.829 billion.
Seasonally and calendar adjusted data for August 2023 showcased a 4.4% increase in exports and a 4.2% decrease in imports compared to the previous month. Moreover, when calendar adjusted, exports increased by 1.9%, while imports decreased by 7.0% compared to August 2022.
The data also delves into the technology intensity of Türkiye's foreign trade, indicating that the ratio of high-technology products in manufacturing industries exports was 3.7% in August 2023.
Under the special trade system, August 2023 saw a 0.2% decrease in exports, totaling $19.438 billion, and a notable 7.9% decrease in imports, amounting to $28.303 billion, compared to the same month in 2022. The foreign trade deficit under this system decreased by 21.3%, reaching $8.864 billion.
For the January-August 2023 period under the special trade system, exports amounted to $149.8 billion, marking a 2.9% decrease, while imports increased by 2.5%, reaching $231.159 billion. The foreign trade deficit for this period saw a 14.3% increase, reaching $81.359 billion.
These trade dynamics highlight Türkiye's resilience and adaptability in a complex global economic landscape, positioning itself as a key player in international commerce. (ILKHA)
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