Economy in Turkey: 8-month trade deficit reaches $82.3 billion

According to data from the Turkish Statistical Institute (TÜİK), the trade deficit decreased by 23.1% year-on-year in August, falling to $8.657 billion. The Ministry of Trade’s preliminary data also indicated a trade deficit of $8.9 billion.

Within the framework of the General Trade System (GTS) announced by TÜİK, exports in August increased by 1.6% compared to the same month last year, reaching $21.615 billion, while imports decreased by 6.9% to $30.271 billion. The trade deficit in foreign trade decreased by 23.1% in August compared to the same month last year, dropping from $11.256 billion to $8.657 billion. The export-to-import ratio increased from 65.4% in August 2022 to 71.4% last month.

The 8-month trade deficit reached $82.3 billion

During the January-August period, exports decreased by 0.4% compared to the same period last year, amounting to $164.794 billion, while imports increased by 3.4% to $247.097 billion. The trade deficit in foreign trade increased by 11.9% in the January-August period, reaching $82.304 billion. The export-to-import ratio decreased from 69.2% in January-August 2022 to 66.7% during the same period this year.

As of August, the 12-month trade deficit reached $109.5 billion.