Exports Reached USD 19.991 Billion

Turkey's exports in January increased 3.5% year-on-year to USD 19.991 billion, while imports fell 22% to USD 26.218 billion. Provisional foreign trade data for January, compiled jointly by the Turkish Statistical Institute (TÜİK) and the Ministry of Trade, have been released. According to the data, under the General Trade System (GTS), exports in January rose 3.5% year-on-year to USD 19.991 billion, while imports fell 22% to USD 26.218 billion. The foreign trade deficit declined 56.4% year-on-year in January to USD 6.227 billion. The export-to-import coverage ratio rose from 57.5% in January 2023 to 76.2% in the previous month.

Foreign trade excluding energy and gold

Excluding energy products and non-monetary gold, exports in January increased 3% from USD 18.044 billion to USD 18.592 billion. Imports excluding energy products and non-monetary gold fell 6.2% in January from USD 19.886 billion to USD 18.660 billion. The foreign trade deficit excluding energy products and non-monetary gold stood at USD 68 million in January. Foreign trade volume declined 1.8% to USD 37.251 billion. In the month in question, the export-to-import coverage ratio excluding energy and gold was 99.6%.

Manufacturing industry accounts for 93% of share

When economic activities are examined, the manufacturing industry accounted for 93% of January exports, agriculture, forestry and fishing accounted for 5%, and mining and quarrying accounted for 1.5%. According to broad economic groups classification, intermediate goods accounted for 73.2% of January imports, capital goods for 14%, and consumer goods for 12.6%.

Germany leads in exports, Russia in imports

In January, Germany topped the ranking by country for exports with USD 1.762 billion. It was followed by the United States with USD 1.224 billion, Iraq with USD 1.097 billion, the United Kingdom with USD 1.022 billion and Italy with USD 999 million. Exports to the top 5 countries in the month accounted for 30.5% of total exports. In January imports, Russia ranked first. Imports from Russia were calculated at USD 4.324 billion, followed by China with USD 2.893 billion, Germany with USD 1.918 billion, the United States with USD 1.402 billion and Italy with USD 1.187 billion. Imports from the top 5 countries accounted for 44.7% of total imports. According to the series adjusted for seasonal and calendar effects, exports declined 5.1% and imports declined 4.8% in January compared to the previous month. According to the series adjusted for calendar effects, exports increased 0.4% year-on-year in January, while imports declined 23.6%. Foreign trade data by technology intensity cover manufacturing industry products included in the "ISIC Rev.4" classification. In January, according to this classification, manufacturing industry products accounted for 93% of total exports. High-technology products accounted for 3.5% of manufacturing industry product exports. In January, manufacturing industry products accounted for 75.3% of total imports. High-technology products accounted for 11.7% of manufacturing industry product imports. Source