Turkiye's exports see over 17% YoY drop in Apr 2023

31 May '23

2 min read

Pic: Shutterstock/FOTOGRIN

Insights

Turkiye's exports dropped by 17.1 per cent YoY in April 2023, totalling $19.331 billion, while imports fell by 4.8 per cent to $28.069 billion.
Manufacturing industries accounted for 94.8 per cent of total exports in April and 94.5 per cent in January-April.
Germany remained the top partner for exports, while Russia became Turkiye's top import country

Turkiye's exports marked a 17.1 per cent YoY decrease in April 2023, totalling $19.331 billion, while imports dropped by 4.8 per cent to $28.069 billion. The decline in exports continued throughout January-April 2023, reaching $80.869 billion—down 3.0 per cent. However, imports rose by 7.1 per cent to $124.313 billion during the same period.

The foreign trade deficit for April 2023, excluding energy and non-monetary gold, was $3.815 billion, with an overall trade volume of $39.914 billion—down 7.2 per cent. April 2023 saw a significant 42.1 per cent increase in the foreign trade deficit compared to April 2022, reaching $8.738 billion, while the export-to-import ratio declined from 79.1 per cent to 68.9 per cent, according to provisional data from the Turkish Statistical Institute (TurkStat) and the ministry of trade.

Manufacturing industries dominated exports, accounting for 94.8 per cent in April 2023 and 94.5 per cent in January-April 2023. Intermediate goods represented 73.2 per cent of imports in April 2023, while consumption goods accounted for 12.9 per cent.

Germany was the main export partner for Turkiye in April 2023, followed by the US, Iraq, Italy, and the UK. Russia topped the list of import countries in April 2023, with China in second place.

April 2023 had a 4.5 per cent decrease in seasonally adjusted exports and a 1.0 per cent decrease in imports compared to the previous month. The foreign trade deficit in April 2023 was $8.182 billion—up 20.6 per cent, with an export-to-import ratio of 68.4 per cent.

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