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Foreign trade deficit reached 8.88 billion dollars in August

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Foreign trade deficit reached 8.88 billion dollars in August​

According to provisional data from the Ministry of Commerce, the foreign trade deficit was 8.88 billion dollars in August.​

Monday, 04 September 2023, 08:44Update: Monday, 04 September 2023, 08:58
Foreign trade deficit reached 8.88 billion dollars in August






The Ministry of Commerce announced foreign trade data for August. In August 2023, compared to the same month last year; Exports increased by 1.6 percent to 21 billion 619 million dollars, and imports decreased by 6.3 percent to 30 billion 494 million dollars.

Thus, the foreign trade deficit decreased by 21.2 percent in August compared to the same month of the previous year, falling to 8 billion 875 million dollars.

In the January-August period, exports decreased by 0.4 percent to 164 billion 907 million dollars, while imports increased by 3.5 percent and reached 247 billion 321 million dollars.
In the first 8 months of the year, the foreign trade deficit increased by 12.1 percent compared to the same period last year and was recorded as 82 billion 414 million dollars.
In the January-August period of 2023, compared to the same period of the previous year, exports of motor vehicles increased by 19.4 percent and reached 19 billion 890 million dollars; boiler and machinery exports increased by 16.1 percent to 16 billion 571 million dollars; Electrical machinery and equipment exports increased by 16.9 percent and reached 9 billion 983 million dollars.

Unprocessed gold imports are 13.5 billion dollars​

In August 2023, imports decreased by 6.3 percent to 30 billion 494 million dollars. In the January-August period, total imports amounted to 247 billion 321 million dollars, an increase of 3.5 percent compared to the same period of the previous year.

The periodic increase in imports is largely due to unprocessed gold imports, as a matter of fact, in this period, unprocessed gold imports increased by 13.5 billion dollars (145.9 percent increase), reaching a total of 22 billion 776 million dollars in the first 8 months.

In this context, imports excluding gold decreased by 2.3 percent in the January-August period, reaching 224 billion 545 million dollars.

Most exports were made to Germany​

The countries to which we exported the most in August are; Germany (1 billion 783 million dollars), USA (1 billion 322 million dollars) and Iraq (1 billion 91 million dollars). The share of the top 10 countries with the largest share in exports in total exports was 46.3 percent.

The countries from which we imported the most in August are; China (3 billion 828 million dollars), Russian Federation (3 billion 420 million dollars) and Germany (2 billion 556 million dollars). The share of the top 10 countries with the largest share in imports in total imports was 60.8 percent.

Manufacturing comes first​

Share of exports by sectors in August, respectively; Manufacturing Industry was 94.7 percent (20 billion 470 million dollars), Agriculture, Forestry and Fishing sector was 3.4 percent (726 million dollars), Mining and Quarrying sector was 1.4 percent (307 million dollars).

The share of imports by sectors in August is as follows; Manufacturing Industry was 84.0 percent (25 billion 609 million dollars), Mining and Quarrying sector was 10.7 percent (3 billion 262 million dollars), Agriculture, Forestry and Fishing sector was 2.8 percent (864 million dollars).
 
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