Turkiye’s exports hit over $144bln in Jan-Jul of 2022
By News Center
Turkiye’s exports have amounted to $144.4 billion in the first seven months of 2022, Yeni Shafak reports, citing Trade Minister Mehmet Mus.
According to the General Trade System (GTS), Turkiye's exports increased by 13.4 percent in July compared to the same month of the previous year and reached $18.5 billion dollars, while imports grew by 40.8 percent to $29.1billion.
On the other hand, foreign trade volume increased by 28.7 percent and reached $47.6 billion, while the foreign trade deficit amounted to $10.5 billion 582 million (144.5 percent growth).
The ratio of exports to imports was 63.7 percent. The ratio of exports to imports fell by 15.2 points to 78.9 percent when energy statistics were excluded.
The countries with the highest exports in July were Germany with $1.4 billion (3 percent increase), the USA with $1.3 billion (24.8 percent increase), and England with $1.1 (3.6 percent increase). The share of the top 10 countries with the largest share in total exports accounted for 47.2 percent.
During the mentioned period, the most exported country groups were the European Union with $7.3 billion, the Middle East countries with $3.1 billion, and other European countries with $2.8 billion.
According to the Broad Economic Categories (BEC) classification, exports were mostly made in the raw material (intermediate goods) group with an increase of 20.7 percent ($10.1billion), followed by consumption goods ($6.2 billion) with an increase of 3.9 percent, as well as investment (capital) goods groups with an 8 percent growth ($1.9 billion).
In terms of sectors, the share of the manufacturing industry in July exports was 94.2 percent, the share of the mining and quarrying sector was 2.9 percent, and the share of agriculture, forestry, and the fishery was 2.5 percent.
The countries with the highest imports in July were Russia with $4.3 billion (78.1 percent increase), China with $3.8 billion (43.2 percent growth), and Germany with $1.7 billion (9.3 percent growth). The share of the top 10 countries with the largest share in total imports accounted for 58.3 percent.
In July, the most imported country groups were Asian countries with $7.4billion, European Union with $7.2 billion, and other European countries with $6.8 billion.
When evaluated by sectors, the share of the manufacturing industry in July imports was 73.2 percent, the share of mining and quarrying was 19.3 percent, and the share of agriculture, forestry, and fisheries was 4.7 percent.
According to the BEC classification in July, most imports were made in the raw material (intermediate goods) group. Imports in this group reached $23.5 billion with an increase of 46.6 percent. The said group was followed by the investment (capital) goods with $3.1 billion and the consumption goods group with $2.3 billion.
Within the scope of GTS, exports grew by 19.1 percent to $144.4 billion in the January-July period compared to the same period of the previous year. The imports increased by 40.7 percent to $206.3 billion, and foreign trade volume increased by 30.9 percent to $350.8 billion.
In the said period, the foreign trade deficit reached $61.9 billion, or a 143 percent increase. The export-import coverage ratio amounted to 70 percent.
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