Minister of Commerce Ömer Bolat announced foreign trade data for October.
Minister Bolat said, “In October, we broke the highest October record in the history of our Republic. Our exports exceeded 23.6 billion dollars, with an increase of 3.6 percent compared to the same month last year. With the record set in October, we broke the export record of that month in 10 of the last 15 months. ” he said.
Bolat stated that in the first 10 months of 2024, exports increased by 3.2 percent compared to the same period of the previous year, reaching 216.4 billion dollars.
FOREIGN TRADE DEFICIT DECREASED IN OCTOBER
The Ministry of Commerce’s data bulletin consisting of temporary foreign trade statistics for October has been published.
According to the data prepared on the basis of GTS, exports increased by 3.6 percent in October compared to the same month of 2023, reaching 23 billion 620 million dollars. Imports decreased by 0.2 percent to 29 billion 364 million dollars.
In the same period, foreign trade volume increased by 1.5 percent to 52 billion 984 million dollars. The foreign trade deficit decreased by 13 percent to 5 billion 745 million dollars in this period.
The export-import coverage ratio increased by 2.9 points on an annual basis last month to 80.4 percent, when energy data is excluded, it increased by 3.7 points to 91.4 percent, and when energy and gold data are excluded, it increased by 5.5 points to 97.7 percent.
EXPORT BY PRODUCT, COUNTRY AND COUNTRY GROUPS
Last month, the highest exports were in the “raw materials (intermediate goods)” group, with a 3 percent decrease and 11 billion 253 million dollars. This group was followed by “consumer goods” with an increase of 8.8 percent and 8 billion 815 million dollars, and “investment (capital) goods” with an increase of 3.3 percent and 3 billion 9 million dollars.
In the month in question, the share of exports by sectors was 93.2 percent (22 billion 8 million dollars) in the manufacturing industry, 3.7 percent (874 million dollars) in agriculture, forestry and fishing, and 2.5 percent (596 million dollars) in mining and quarrying. happened as.
The country with the most exports in October was Germany with 1 billion 808 million dollars, followed by the USA with 1 billion 578 million dollars and the UK with 1 billion 272 million dollars.
The share of the top 10 countries with the highest share in exports in total exports was calculated as 47 percent.
The country groups with the most exports in October were recorded as the European Union (EU) with 9 billion 882 million dollars, the Near and Middle East countries with 3 billion 803 million dollars, and other European countries with 3 billion 576 million dollars.
IMPORT DATA
In October, the highest imports were made in the “raw materials (intermediate goods)” group, with a decrease of 0.2 percent and 20 billion 11 million dollars. This group was followed by “consumer goods” with an increase of 8 percent and 5 billion 107 million dollars, and “investment (capital) goods” with a decrease of 9.2 percent and 4 billion 201 million dollars.
The import share by sector was calculated as 85 percent (24 billion 957 million dollars) in the manufacturing industry, 10.1 percent (2 billion 957 million dollars) in mining and quarrying, and 2.3 percent (686 million dollars) in agriculture, forestry and fisheries.
The countries with the most imports in October were China with 4 billion 243 million dollars, Russia with 3 billion 58 million dollars and Germany with 2 billion 348 million dollars.
The share of the top 10 countries with the largest share in imports in total imports was recorded as 58.7 percent.
The country groups with the most imports in the month in question were determined as the EU with 9 billion 498 million dollars, Asian countries with 8 billion 14 million dollars and other European countries with 5 billion 112 million dollars.
FOREIGN TRADE DEFICIT DECREASED BY 30.4 PERCENT IN THE JANUARY-OCTOBER PERIOD
Within the scope of GTS, exports in the January-October period were calculated as 216 billion 383 million dollars with an increase of 3.2 percent compared to the same period of the previous year, imports were calculated as 282 billion 2 million dollars with a decrease of 7.2 percent, and foreign trade volume was calculated as 498 billion 385 million dollars with a decrease of 3 percent. .
During this period, the foreign trade deficit decreased by 30.4 percent to 65 billion 619 million dollars. The export-import coverage ratio was 76.7 percent.
