Record deficit in foreign trade

SAFAKNA TURKEY –The Turkish economy showed a record foreign trade deficit in January.

According to the Turkish Statistical Institute (TUIK), the foreign trade deficit in January amounted to $14.24 billion. The deficit in January increased by 38.4 percent compared to the previous year.

In January, exports increased by 10.3 percent compared to the same month of the previous year and reached $19.4 billion, while imports increased by 20.7 percent to $33.6 billion.

If in January 2022 the ratio of exports and imports was 63 percent, then in January 2023 it decreased to 57.6 percent.

According to temporary data from the Ministry of Commerce, the foreign trade deficit in January was recorded at $14.4 billion.

There is also an opening in the kernel indicator

Exports excluding energy and gold increased by 8.4 percent, while imports increased by 8.1 percent in January.

Exports excluding energy and non-monetary gold increased by 8.4 percent in January 2023 from $16.7 billion to $18.1 billion.

In January, imports excluding energy resources and non-monetary gold increased by 8.1 percent from $18.4 billion to $19.9 billion.

The deficit of foreign trade excluding energy resources and non-monetary gold in January amounted to $1.8 billion. The volume of foreign trade increased by 8.2 percent to $38 billion.

In that month, the ratio of exports to imports, excluding energy and gold, was 91 percent.

No change in country distribution

Germany ranked first in exports in January.

While exports to Germany amounted to $1.8 billion; They are followed by the US with $1.2 billion, Russia with $1 billion, the UK with $954 million and Italy with $916 million. Exports to the first 5 countries accounted for 30.6 percent of the total exports.

Russia ranked first in terms of imports. While imports from Russia totaled $5 billion in January, this country respectively; Switzerland followed with $4.3 billion, China with $3.6 billion, Germany with $1.8 billion and the US with $1.2 billion. Imports from the top 5 countries accounted for 47.4 percent of total imports.

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