Automotive Exports September 2023

Foreign trade deficit down 34.5 percent
Türkiye’s foreign trade deficit has dropped
by 34.5 percent in June, according to data
announced on July 3 by the Trade Ministry.
“This figure is higher than the average
monthly exports in the first five months
of 2023. Exports of $20.9 billion in June
2023 represents a decrease of 10.5
percent compared to June 2022. Thus,
our six-month exports in the first half
of 2023 amounted to $123.4 billion,”
it added.According to data, Türkiye’s
imports fell 16.8 percent to $26.3 billion
in June 2023, the lowest level in 20
months.
“The decline in imports was mainly due
to a decrease in non-calendar energy
imports, and total energy imports fell by
45.3 percent to $4.4 billion in June,” said
the ministry. The fall in imports helped
lower the foreign trade deficit. “With the
realization of our exports at the level of
$21 billion and the noticeable decrease
in imports, Türkiye’s foreign trade deficit
decreased by 34.5 percent to $5.4 billion,”
said the Trade Ministry in its statement.
“The ratio of exports to imports was 79.5
percent in June 2023, with an increase
of 16.1 points compared to the previous
month, approaching 80 percent after 19
months, and was an important indicator
of the positive trend in the foreign trade
balance,” it added. According to official data,
Türkiye’s exports in the first half of the year
were $52 billion to the EU-27, $10 billion
to Africa, $10.6 billion to the Americas and
$20.7 billion to the Middle East.
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