Exports climb record monthly high of $23.4 billion in June

Exports climb record monthly high of $23.4 billion in June

Exports climb record monthly high of $23.4 billion in June

Türkiye’s exports reached $23.4 billion in June, marking the highest monthly figure on record, data from the Trade Ministry showed on July 2.

Exports increased by 18.5 percent last month from a year ago.

The country’s imports, on the other hand, rose by 39.6 percent on an annual basis to stand at $31.5 billion.

Consequently, Türkiye’s trade balance posted a deficit of $8.16 billion, widening by 184 percent from the trade gap of $2.87 billion in the same month of 2021.

The export-to-import coverage ratio deteriorated from 87.3 percent in June last year to 74.1 percent last month.

The country’s foreign trade volume grew nearly 30 percent to $54.95 billion.

Türkiye managed to increase its exports to Germany by 9.8 percent in June from a year ago to $1.87 billion. Shipments to the U.S. rose more than 15 percent to $1.55 billion, making it the country’s second-largest export market.

The data from the ministry also showed that exports to Iraq leaped 32 percent on an annual basis to $1.2 billion. Türkiye made exports worth $1.2 billion to the U.K. and another $1.14 billion to Italy last month.

The European Union increased its goods purchases from Türkiye by 17.8 percent to $9.7 billion, while exports to the Near and Middle Eastern countries amounted to $3.86 billion, rising 26.3 percent from a year ago.

The manufacturing sector’s share in the country’s exports was 95 percent or $2.2 billion, while the share of the agriculture industry was 2.9 percent or $668 million.

Türkiye’s imports from Russia grew more than 118 percent to $5 billion, and imports from China increased by 28.6 percent to $3.7 billion. The country increased imports from Germany by 4 percent to nearly $2 billion last month.

From January to June, exports climbed to $125.9 billion, exhibiting a strong 20 percent increase from the first half of 2021.

Imports increased by 40.6 percent from a year ago to stand at $177 billion.

The country’s foreign trade deficit widened by 142.5 percent in January-June to $303 billion, with the export-to-import coverage ratio retreating from 83.2 percent to 71 percent.

“Energy imports amounted to $8.1 billion in June, capturing the largest share in the month, while energy import bill grew 155 percent on an annual basis to $47.8 billion in the first six months of the year,” Trade Minister Mehmet Muş said, noting that some 57 percent increase in overall imports was due to the energy imports.

In the January-May period, global energy prices increased by 83 percent, the minister added.

The government is closely following developments regarding global supply chain problems and working hard in consultations with local businesspeople at a time when logistics operations become more difficult to remove obstacles, Muş said, noting that Türkiye is on track to meet the export revenue target of $250 billion set for 2022.