Turkey's exports rise, imports fall, and the trade deficit narrows

According to Turkey export import data, Turkiye's external trade deficit decreased by 21.2% year over year and by 27.4% month over month in August of this year, reaching $8.9 billion (TL 238.32 billion).

Its imports fell by 6.3% YoY to $30.5 billion during the month, while exports increased by 1.6% YoY to $21.6 billion.

In the first eight months of the year, exports came to around $165 billion, which caused the trade imbalance to rise by 12.1% YoY to $82.4 billion.

Germany ($1.8 billion), the United States ($1.3 billion), Iraq ($1.09 billion), the United Kingdom ($1.06 billion), and Italy ($877 million) were the top five foreign buyers of Turkish exports in August.

According to Turkey import data, the country imported the most from China ($3.8 billion) in the previous month, followed by Russia ($3.4 billion), Germany ($2.56 billion), the United Arab Emirates ($2.08 billion), and Switzerland ($1.49 billion).