Turkiye's Jun exports hit highest figure of $23.4 bn, RMG number $2 bn

The country’s exports had ended 2021 at $225.4 billion.

Exports in the first half (H1) this year were worth $126 billion, a 20 per cent rise YoY, while imports jumped by 40.6 per cent to $177.2 billion, official data showed.

The first half witnessed a widening trade deficit fuelled by rising energy costs, primarily induced by Russia’s invasion of Ukraine. The trade gap soared by 142.5 per cent to $51.37 billion over $21.18 billion in H1 2021, according to Turkish media reports.

Mus said Turkey’s energy imports in H1 2022 jumped by 155 per cent YoY to $47.8 billion.

“About 57 per cent of our total import growth was caused by energy imports,” the minister said. “The energy-related foreign trade deficit that we are facing today is a result of rising energy prices all over the world.”

Excluding energy, the export-import coverage ratio has reached 93.4 per cent, said Mus.

The government is hopeful of achieving its export target of $250 billion by the end of the year.

Germany remained the top market as it received nearly $1.87 billion worth of Turkish goods in June, a 9.8 per cent growth from a year ago. The United States was second with $1.55 billion, a 15.3 per cent YoY increase, and Iraq ranked third with $1.2 billion in a 32.2 per cent YoY rise.

There are significant increases in the country’s exports to Romania, the United Arab Emirates and South Africa as well.

Most imports were from Russia, totaling more than $5 billion, a 118.3 per cent YoY rise, followed by China, from where imports increased by 28.6 per cent in June to $3.66 billion, and Germany, from where purchases jumped by 4 per cent to $1.99 billion, the data showed.

Exports to the 27 European Union members were worth $9.7 billion, whereas imports from there totaled over $8 billion. Exports to the Near and the Middle East countries reached $3.86 billion in June.

Fibre2Fashion News Desk (DS)