Turkey's August trade deficit hits $8.66 billion; 12-month total at $109.5 billion

The Turkish economy reported an $8.66 billion monthly trade deficit in August, with a 12-month total reaching $109.5 billion. Germany emerged as the top destination for Turkish exports, while China dominated the list of trading partners.

The Turkish Statistical Institute (TÜİK) has released its foreign trade data for the month of August, revealing a significant trade gap for the period.

According to the report, the trade deficit for the January to August period saw an 11.9% increase, rising from $73.535 billion to $82.304 billion. The 12-month trade deficit as of August reached a staggering $109.5 billion, with a monthly trade deficit of $8.66 billion.

In terms of specifics, exports in August 2023 showed a 1.6% increase compared to the same month in the previous year, totaling $21.615 billion. Meanwhile, imports experienced a 6.9% decrease, amounting to $30.271 billion.

Examining the data based on the general trade system, exports for the January to August period of 2023 decreased by 0.4% compared to the same period in the previous year, reaching $164.794 billion. Imports, on the other hand, increased by 3.4%, totaling $247.097 billion.

Germany emerged as the top destination for Turkish exports in August. Exports to Germany reached $1.782 billion, followed by the United States with $1.323 billion, Iraq with $1.091 billion, the United Kingdom with $1.063 billion, and Italy with $877 million. These top five countries accounted for 28.4% of Turkey's total exports.

China took the lead in imports for August, with imports from China amounting to $3.829 billion. Russia followed with $3.339 billion, Germany with $2.555 billion, the United Arab Emirates with $1.988 billion, and Switzerland with $1.449 billion. The top five countries for imports represented 43.5% of Turkey's total imports.

This trade data highlights the ongoing economic dynamics and partnerships that Turkey is engaged in, emphasizing the significance of global trade relationships in the nation's economy.