TÜİK Releases December 2023 Foreign Trade Indices

Turkey's Statistics Institute (TÜİK) released foreign trade indices for December 2023. According to the data, the export unit value index declined by 1.2% in December 2023 compared to the same month of the previous year. The index rose by 2.9% in food, beverages and tobacco during this period, while it fell by 10.2% in raw materials (excluding fuel), 15.5% in fuels, and remained unchanged in manufacturing (excluding food, beverages and tobacco). The import unit value index fell by 6.5% on an annual basis in December 2023. The index declined by 4.5% in food, beverages and tobacco, 22.4% in fuels, 9.6% in raw materials (excluding fuel), and 0.7% in manufacturing (excluding food, beverages and tobacco) compared to the same month of the previous year.

Export quantity index rose by 1.6%

The export quantity index increased by 1.6% in December 2023 compared to the same month of the previous year. The index rose by 5% in food, beverages and tobacco and 31.9% in fuels compared to the same month of the previous year, while it fell by 2.5% in manufacturing (excluding food, beverages and tobacco) and 4.8% in raw materials (excluding fuel). The import quantity index showed a decline of 4.8% on an annual basis in December 2023. The index rose by 2.2% in food, beverages and tobacco, 8.2% in raw materials (excluding fuel) and 4.9% in fuels compared to the same month of the previous year, while it recorded a decline of 3.8% in manufacturing (excluding food, beverages and tobacco).

Data adjusted for seasonal and calendar effects

According to the series adjusted for seasonal and calendar effects, the export quantity index rose by 6.5% to 162.1 in December 2023 compared to the previous month. According to the series adjusted for calendar effects, the export quantity index, which was 159.2 in December 2022, increased by 5.7% to reach 168.3 in December 2023. According to the series adjusted for seasonal and calendar effects, the import quantity index, which was 123.3 in November of the previous year, fell by 0.6% to 122.6 in December. According to the series adjusted for calendar effects, the import quantity index, which was 132.3 in December 2022, fell by 1.6% to 130.2 in December 2023. The terms of trade, calculated by dividing the export unit value index by the import unit value index and standing at 82.4 in December 2022, increased by 4.6 points to 87.0 in December 2023. Source