Turkey’s foreign trade deficit decreased by 34.5 percent in June

The Turkish Statistical Institute announced the foreign trade data for the month of June. According to the data, imports in June reached 26.3 billion dollars, showing a decrease of 16.8 percent, while exports amounted to 20.9 billion dollars, reflecting a decline of 10.5 percent. The foreign trade deficit in June was 5.4 billion dollars, experiencing a yearly decrease of 34.5 percent. The Ministry of Trade highlighted the impact of the holiday season on the decline in exports.

In June, exports decreased by 10.5 percent to reach 20.901 billion dollars, while imports decreased by 16.8 percent to reach 26.297 billion dollars. The foreign trade volume decreased by 14.1 percent, and the foreign trade deficit decreased by 34.5 percent to 5.396 billion dollars. The export-to-import ratio increased from 73.9 percent to 79.5 percent.

In the January-June period, exports decreased by 1.8 percent, amounting to 123.377 billion dollars. Meanwhile, imports increased by 4.3 percent during the same period, reaching 184.795 billion dollars. As a result, the foreign trade deficit increased by 19.1 percent, reaching 61.418 billion dollars.

Germany received exports worth 1.8 billion dollars, while imports from China amounted to 3.8 billion dollars

In June, Germany ranked first in exports with 1.78 billion dollars, followed by the United States with 1.33 billion dollars and the United Kingdom with 1.12 billion dollars. The total share of the top 10 countries in terms of exports amounted to 48.2 percent of the total exports.

During this period, China was the country with the highest import value, amounting to 3.818 billion dollars, followed by the Russian Federation with 2.981 billion dollars and Germany with 2.012 billion dollars. The total share of the top 10 countries in terms of imports was calculated as 58.9 percent of the total imports.

The impact of the long holiday season

On the other hand, according to a statement from the Ministry of Trade, positive developments in foreign trade continued in June, despite the monthly decline attributed to the 9-day holiday season. It was emphasized that the export value of 20.9 billion dollars in June was higher than the monthly average of the January-May period.

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