Turkey's Trade Deficit Reduced By 35%

 Turkey's economy got a big sigh of relief as the country's trade deficit reduced by 35% during this month. Turkey's both imports and exports have seen a significant decline. According to the Turkey import export data reports, the country's trade deficit reduced by 5 billion dollars. 

During June 2023, Turkey's imports fell by 16% while it was 26 billion dollars last year during the same period. This was the lowest level of imports recorded by Turkey in the last two years. Also, due to the Eid weekend, Turkey's imports and exports have been affected. 

Although, Turkey's energy's imports remained high with over 45% increase annually. As per Turkey import data reports, around 4.4 billion dollars worth of energy imports were done by Turkey. Also, the gold imports by Turkey reched 2 billion dollars with over 63% hike during last month. LPG, Iron Ore, Steel, and Wheat are other major product imports made by Turkey in June.

Turkey trade data reflects that China was the most favoured destination for Turkey's imports. In June 2023, China exports to Turkey was around 3.6 billion dollars. Despite immense pressure from the West, Turkey did import a significant amount of imports from Russia. 

Russia was the second largest exporter to Turkey with over 3 billion dollars worth. Germany, Switzerland and the United States were other major exporters to Turkey with overall exports worth 4.6 billion dollars.

On the other hand, Turkish exports fell by 11% during June 2023. According to the Turkey export data, around 20 billion dollars worth exports were recorded by Turkey. Germany remained the top destination for Turkish imports. 

In June 2023, Germany imported goods worth 1.8 billion dollars from Turkey. The USA was the second largest importer of Turkish goods with imports worth 1.2 billion dollars. Whereas, the United Kingdom, Italy and Iraq were the major markets with overall 2.9 billion dollars worth Turkish imports during June 2023.

Motor vehicles were the top product export from Turkey with over 16% increase in exports. As per Turkey customs data, around 15 billion dollars worth of motor vehicles exports were recorded for Turkey during June 2023. Whereas, Turkey's non electrical machinery exports hit 12 billion dollars with over 15% increase. On the other hand, Turkey's electrical machinery exports jumped to 7.5 billion dollars with an increase of 14%. 

Overall, Turkey's exports from January to June 2023 fell to 123 billion dollars with an increase of 1.6% while imports stood at 182 billion dollars with 4.2%. During this period, Germany accounted for maximum shipments worth 10 billion dollars. The United States, Italy, UK and Russia were the top importers in terms of Turkey export shipments. 

Whereas, China has shown great dominance in the exports to Turkey in the financial year 2023. This year, Turkey's exports crossed over 254 billion dollars. Experts predict that Turkey's exports could go beyond 265 billion dollars this year. Turkey could minimise its trade deficit to some extent.

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