Türkiye’s trade deficit widened by 0.5% year-over-year in September, as both exports and imports fell, Trade Minister Ömer Bolat announced Wednesday. The trade gap totaled $5.12 billion, with exports down 1.8% to $22 billion and imports decreasing 1.4% to $27.1 billion.
In August, the trade deficit was $4.9 billion, the lowest in 34 months. Bolat noted that the gap had decreased in 11 of the past 14 months, showing a trend of narrowing deficits.
In the third quarter, the deficit shrank 33.8% year-over-year to $17.4 billion. Exports rose 4.4% to $66.6 billion, while imports fell 6.8% to $84 billion. This improved the export-import coverage ratio to 79.2%, up from 70.8% a year earlier.
Bolat attributed the September export decline to a calendar effect, which reduced export performance by about $1 billion compared to last year. Lower oil prices, averaging $75 per barrel compared to $94 the previous year, also contributed to a 42.1% drop in energy exports, totaling $982 million. Unprocessed gold exports fell 65.9%, totaling $188.3 million.
Excluding energy and gold, Türkiye’s exports rose 3.3%, reaching $20.8 billion in September despite weaker global demand and calendar effects. The trade deficit declined 31% to $78.7 billion, a $43 billion reduction from the previous year, according to Treasury and Finance Minister Mehmet Şimşek.
Şimşek expects the current account deficit to decrease to around $15 billion in August and remain at similar levels in September, down from a peak of $57 billion in May 2023. He noted that the reduced current account deficit would support macro-financial stability, aiding the government’s goal of achieving lasting price stability.
Despite the overall slowdown, Türkiye’s automotive sector set a new export record with $3.4 billion last month. Chemicals followed with $2.2 billion, ready-made garments at $1.6 billion, electrical-electronics at $1.48 billion, and steel at $1.47 billion, according to Turkish Exporters Assembly (TIM) head Mustafa Gültepe. The sectors with the highest percentage increases were dried fruits (47%), defense and aerospace (32%), shipbuilding and marine services (31%), hazelnuts (30%), and automotive (21%).
The Turkish government aims to enhance exports to rebalance economic growth, targeting $267 billion by 2024, following a record $256 billion in 2023.
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