According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute (TUIK) and the Turkish Undersecretariat of Customs, in October this year Turkey’s foreign trade deficit increased by 421.7 percent to $7.87 billion compared to October 2021. In the January-October period this year, Turkey’s foreign trade deficit rose by 168.3 percent year on year to $91.49 billion.
In October, Turkey’s iron and steel exports ranked eighth among the country’s products with the highest export value, totaling $881.05 million, decreasing by 50.9 percent year on year. Meanwhile, in the given month the value of exports of articles of iron or steel, which ranked ninth among the products with the highest export value, rose by 4.4 percent year on year, amounting to $834.56 million.
In the first 10 months of this year, Turkey’s iron and steel export value was down by 5.7 percent to $13.02 billion, while the value of its exports of articles of iron or steel increased by 24.4 percent to $8.77 billion, both year on year.