Exports rose 19 percent to $23.4 billion in June

Exports rose 19 percent to $23.4 billion in June

Exports rose 19 percent to $23.4 billion in June

Türkiye’s exports amounted to $23.4 billion in June, rising 18.7 percent from the same month of 2021, data from the Turkish Statistical Institute (TÜİK) have shown.

Imports, on the other hand, grew 39.7 percent in the month on an annual basis to $31.6 billion.

Consequently, the country’s foreign trade deficit widened by 184.5 percent last month compared with June 2021 to reach $8.2 billion.

Germany was the largest export market. Exports to this country amounted to $1.88 billion. The U.S. ranked second at $1.56 billion. Türkiye also sold $1.2 billion worth of goods to the U.K. and Iraq last month. Exports to Italy stood at $1.15 billion.

TÜİK data showed that the country’s imports from Russia were $5 billion, followed by China at $3.7 billion. Imports from Germany and Italy amounted to some $2 billion and $1.4 billion, respectively.

Intermediate goods imports increased by 51.4 percent in June year-on-year to $25.7 billion, while consumer goods imports rose 19.6 percent to $2.64 billion. The country also imported $3.2 billion worth of capital goods, down 5.2 percent from a year ago.

Excluding energy, the increase in imports was 23.9 percent, TÜİK said.

The share of the manufacturing industry in total exports was 94.9 percent, while the agriculture sector accounted for 2.9 percent of the goods Türkiye sold to other countries.

The export-import coverage ratio was 74.1 percent in June, down from 87.3 percent a year ago.

In the first half of 2022, exports reached $126 billion, rising 20 percent from January-June last year. Imports grew nearly 41 percent on an annual basis to $177 billion.

The country’s foreign trade gap widened by 142.7 percent in the first six months of the year to $51.4 billion.