Türkiye’s foreign trade deficit narrowed by 17.5% year-over-year in October to $6.5 billion (TL 187.93 billion), according to the official data the country’s statistical authority shared on Wednesday.

The gap declined from $7.9 billion in the same month a year earlier, Turkish Statistical Institute (TurkStat) data showed.

The country’s exports last month rose by 7.4%, totaling $22.87 billion, TurkStat said. The data showed that imports grew by 0.6% and stood at $29.39 billion.

Excluding energy products and non-monetary gold, Türkiye posted a foreign trade gap of $1.5 billion last month.

The exports-to-imports coverage ratio rose to 77.8% versus 72.9% in October 2022.

The data also showed that the country’s 10-month exports this year surged by 0.2% compared to last year and reached $209.9 billion, while the imports rose by 1.1% to $303.8 billion in the same period.

Türkiye’s shipments to its leading trading partner, Germany, amounted to $1.76 billion last month, the data showed, followed by Iraq with $1.32 billion, the U.S. with $1.25 billion, the United Arab Emirates with $1.115 billion and Italy with $1.11 billion.

In October, Türkiye imported the most from China ($3.76 billion), followed by Russia ($3.23 billion), Germany ($2.6 billion), Italy ($1.34 billion) and the U.S. ($1.24 billion).

Medium-high and high-tech’s share of overall exports in October rose from 37.8% to 39.7% year-on-year, the data showed.

In January-October 2023, the foreign trade deficit widened to $93.9 billion, up 3.2% compared with the first ten months of last year.

Source: Daily Sabah

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The volume of Iran and Turkey’s trade has significantly surged, the chairman of Iran-Turkey Joint Chamber of Commerce said, adding that Ankara’s non-cooperation with US in implementing sanctions imposed against Tehran is a promising for boosting bilateral trade ties.

Speaking in an interview with IRNA on Saturday, Mehrdad Sa’adat pointed to the growing trend of trade between Iran and Turkey and stated, “We should wait for the result of the upcoming presidential election in Turkey.”

After holding this important political event in Turkey, “We can continue intensive consultations in the field of expanding bilateral trade exchanges.”

Last month, Turkey announced it would not cooperate with the United States and other countries in implementing sanctions against Iran, which is promising news for the development of trade ties between Tehran and Ankara, Sa’adat underlined.

The Iran-Turkey Joint Chamber of Commerce in cooperation with the Trade Promotion Organization of Iran (TPOI) has taken effective measures in this regard, he said, adding that continuation of talks to finalize the Preferential Trade Agreement (PTA) between the two countries is one of the issues that should be taken into consideration after the presidential election in Turkey.

He also pointed to the dispatch of more commercial envoys to neighboring Turkey and added that a proposal has been proposed by the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) to send a commercial envoy to Istanbul, which is regarded as the main trade and economic center of Turkey.

With such measures, it is hoped that the country would take the maximum advantage of import and export capacities in this neighboring state, the chairman of the Iran-Turkey Chamber of Commerce added.

Source: Tasnim News

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