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 total exports fell by 29.1 percent to $7.83 billion compared to August 2008, while the country's imports dropped by 34 percent year on year to $12.71 billion. In the month in question, the foreign trade deficit fell by 40.6 percent year on year from $8.21 billion to $4.88 billion.
Meanwhile, in August this year Turkey's export-import ratio increased to 61.6 percent, from 57.4 percent in August 2008.
During the month in question, the largest volume of exports in terms of revenue was accounted for by road vehicles and their parts at $700 million, followed by machinery, mechanical appliances, boilers and related equipment/parts at $662 million, knitted clothing accessories at $584 million, electrical machinery and equipment at $540 million, and finally by iron and steel at $518 million.
Turkey's top five export destinations in August and in January-August 2009:
Value in August 2009 ($1,000) | Change year on year (%) | Value in January-August 2009 ($1,000) | Change year on year (%) | |
819,601 | -19.5 | 6,192,712 | -32.4 | |
United Kingdom | 474,446 | -25.7 | 3,496,422 | -39.6 |
434,265 | 24.6 | 3,388,039 | 48.0 | |
412,161 | -8.3 | 3,803,012 | -20.8 | |
351,109 | -13.1 | 3,556,511 | -38.2 |
In the first eight months of the year, Turkey's iron and steel exports totaled $5.1 billion, down 53.5 percent from $10.96 billion in the same period last year, while exports of articles of iron and steel amounted to $2.93 billion, down 24.6 percent year on year from $3.89 billion. Meanwhile, exports of ores, slag and ash amounted to $355.09 million, down 55.1 percent year on year from $790.03 million.
In August 2009, Turkey's largest volume of imports was recorded in mineral fuels and mineral oils at $2.85 billion, followed by machinery, mechanical appliances, boilers and related equipment/parts at $1.36 billion, by electrical machinery and equipment at $1.05 billion, and finally by iron and steel at $938 million.
Turkey's top five import sources in August and in January-August 2009:
Value in August 2009 ($1,000) | Change year on year (%) | Value in January-August 2009 ($1,000) | Change year on year (%) | |
1,924,901 | -32.1 | 12,319,053 | -45.3 | |
1,330,802 | -12.5 | 8,732,562 | -34.3 | |
1,148,141 | -17.6 | 7,704,366 | -28.2 | |
USA | 753,660 | -44.1 | 5,457,536 | -33.5 |
705,170 | -32.2 | 4,733,020 | -42.2 |
In the January-August period of the current year, Turkey's iron and steel imports totaled $6.82 billion, down 62.1 percent year on year from $18 billion, while imports of articles of iron and steel amounted to $949.01 million, down 39.7 percent year on year from $1.57 billion. Meanwhile, imports of ores, slag and ash amounted to $682 million, up 16.1 percent year on year from $587.55 million.
