Foreign trade deficit doubles with the impact of energy costs
The administration was not able to reach the target of surplus in foreign trade with the new economy model. The foreign trade deficit in June increased by 184.5 percent compared to the same month last year, due to record in energy costs.
Foreign trade data prepared by the Turkish Statistical Institute (TURKSTAT) and the Ministry of Trade have been published. Accordingly, exports increased by 18.7 percent in June compared to the same month a year ago and amounted to 23 billion 428 million dollars. Imports increased by 39.7 percent to $ 31 billion 595 million.
Thus, the foreign trade deficit increased by 184.5 percent compared to the same month of the previous year from $ 2 billion 871 million to $ 8 billion 167 million.
Exports increased by 20 percent to $ 125.9 billion in the first six months, and imports increased by 40.6 percent to $ 177.3 billion.
Thus, in the first six months of the year, the foreign trade deficit increased by 142.7 percent to $ 51.4 billion.
The strong course in energy imports was effective in this. Crude oil, natural gas and fuel prices have doubled due to the global rise in prices after the war started by Russia in Ukraine. In June, energy imports increased by 122.5 percent to $ 8.08 billion, while 12-month energy imports increased by 139.3 percent to $ 79.8 billion.
The decline in the rate at which exports meet imports
In the same month, exports increased by 18.7 percent and imports by 39.7 percent. The June 2021 import acceptance rate of exports decreased from 87.3 percent to 74.1 percent in June this year.
