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Turkey’s foreign trade deficit surged 15.7 percent in July

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Turkey’s foreign trade deficit rose 15.7 percent year on year to $12.4 billion in July, with imports climbing 11.1 percent, the Trade Ministry announced on Thursday, according to the Dünya news website.

Imports stood at $32.47 billion, while exports increased by 8.4 percent to $20 billion.

The official data showed that the country’s foreign trade deficit in the first seven months of the year climbed 18.2 percent year on year to $73.6 billion.

According to data announced by the ministry, exports increased by 8.4 percent to $20.093 billion compared to the same month of the previous year. Imports increased by 11.1 percent to $32.476 billion, leading to an overall increase in trade volume by 10.0 percent to $52.569 billion.

Trade volume grew by 2.8 percent for the period between January and July 2023, compared to the same period last year. During this time, exports slightly decreased by 0.6 percent to $143.435 billion, while imports increased by 5.1 percent to $217.052 billion.

Germany was the leading export destination in July with $1.677 billion, followed by Italy with $1.103 billion and the US with $1.101 billion. The top 10 countries accounted for 48.0 percent of total exports.

In terms of imports, China led with $4.602 billion, followed by Russia with $3.736 billion and Germany with $2.841 billion. The top 10 countries accounted for 62.4 percent of total imports.

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