According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute (TUIK) and the Turkish Undersecretariat of Customs, in August this year Turkey’s foreign trade deficit increased by 159.9 percent to $11.19 billion compared to August 2021. In the January-August period this year, Turkey’s foreign trade deficit rose by 146.3 percent year on year to $73.44 billion.
In August, Turkey’s iron and steel exports ranked fourth among the country’s products with the highest export value, totaling $1.23 billion, decreasing by 30.2 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 14.1 percent year on year, amounting to $916.81 million.
In the first eight months of this year, Turkey’s iron and steel export value was up by 9.7 percent to $10.98 billion, while the value of its exports of articles of iron or steel increased by 29.8 percent to $6.98 billion, both year on year.