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Turkish exports reach record high in August

In August, Türkiye set a new export record at $21.6 billion while simultaneously reducing its trade gap to $8.9 billion, marking a 21.2% decrease year-on-year.

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Türkiye's economy has grown 3.8 percent year-on-year in the second quarter of 2023, better than the market forecast, according to data released by the country's statistical authority. / Photo: AA

Türkiye’s exports hit an all-time high for August with a 1.6 per cent increase to $21.6 billion on an annual basis, according to preliminary Trade Ministry data released.

Turkish imports dropped 6.3% from last year to $30.5 billion.

The country's foreign trade gap amounted to $8.9 billion in August, falling 21.2 per cent year-on-year.

Germany continued to be the main recipient of Turkish exports with $1.8 billion in August, followed by the US with $1.3 billion, Iraq with $1.09 billion, the UK with $1.06 billion, and Italy with $877 million.

Türkiye's economy beats market forecast to grow 3.8% in 2nd quarter

The country’s largest imports were from China with $3.8 billion in the month. Russia followed with $3.4 billion, Germany $2.56 billion, the UAE $2.08 billion, and the Switzerland with $1.49 billion.

In the January-August period, Türkiye's outbound shipments edged down 0.4 per cent year-on-year to $164.9 billion while its imports grew 3.5 per cent to $247.3 billion.

As a result, the country's trade deficit widened by 12.1 per cent to $82.4 billion.