Exports up 4.3 pct to $178.1 bln in January-August

ANKARA

Türkiye's exports totaled $178.1 billion during the first eight months of the year, up 4.3 percent on a yearly basis.

The country's imports rose 5.6 percent to $238.2 billion over the same period, the Turkish Trade Ministry announced on Sept. 3.

Türkiye's foreign trade gap was at $60 billion in the January-August period, increasing by 9.6 percent from the same period last year.

The export-import coverage ratio dropped to 74.8 percent, from 75.7 percent in the same period last year.

In August alone, the country's exports contracted by 0.9 percent to $21.8 billion, while imports dropped by 3.9 percent to $25.96 billion.

The foreign trade deficit narrowed by 16.7 percent to $4.16 billion in August, while the export-import coverage ratio was at 83.9 percent, up from 81.5 percent.

Trade Minister Ömer Bolat highlighted the positive trends, noting the decline in imports after months of increases and the record-low deficit.

"This reflects our efforts to boost exports and control imports for a more balanced trade," he said in a statement.

Germany remained the top export destination in August with $1.81 billion, followed by the United States at $1.28 billion and Iraq at $1.11 billion.

The United Kingdom and Italy rounded out the top five with $1.08 billion and $1.06 billion, respectively.

The top 10 export markets accounted for about 46 percent of total exports.

On the import side, China led with $4.02 billion, ahead of Russia at $3.35 billion and Germany at $2.05 billion.

The United States and Italy followed with $1.35 billion and $1.32 billion.

The top 10 import sources made up 59 percent of total imports. By country groups, exports to the European Union (EU-27) totaled $8.84 billion, up 3.5 percent.

Shipments to Near and Middle Eastern countries reached $3.93 billion, up 3.0 percent, while other European countries received $3.40 billion, down 0.8 percent.