Exports up 14 pct, trade deficit falls 42 percent in July

Türkiye's exports increased by 13.8 percent in July from a year ago to $22.5 billion, hitting a historically high level for the month, while the foreign trade deficit shrank 42.3 percent to $7.24 billion.

Imports amounted to $29.75 billion, falling 7.9 percent from July 2023, data from the Trade Ministry showed on Aug. 2.

The 12-month rolling exports totaled $261.5 billion, another record level for Türkiye, up by 3.4 percent on a yearly basis.

The export/import coverage ratio was 75.7 percent, improving from 61.2 percent in July 2023.

Excluding energy imports, the coverage ratio was 86.7 percent.

In July, exports to Germany amounted to $1.75 billion, while the U.K. ranked second at $1.55 billion. The U.S. came third on the list of the largest export markets at $1.44 billion, followed by Iraq at $1.06 billion. Italy bought $1.03 billion worth of goods from Türkiye in July.

Türkiye's imports from China and Russia totaled $4.2 billion and $3.75 billion, respectively, according to the ministry data. Imports from Germany stood at $2.5 billion.

Intermediate goods imports were down 9.2 percent to $20.4 billion, while the annual decline in capital goods imports was 7.4 percent to $4.8 billion. Consumer goods imports fell 3.1 percent to $4.6 billion.

In the first seven months of 2024, exports grew 4.1 percent year-on-year to $148.8 billion.

Imports fell 8.4 percent to $198.6 billion, which led to a foreign trade deficit of $49.8 billion, down 32.5 percent from a year ago.