July sees a significant trade deficit increase, with exports covering only 77.7% of imports, despite a rise in foreign trade volume.
Although the volume of foreign trade has increased, the pressure from imports continues to widen the deficit. In July, the ratio of exports to imports declined, while the annual increase in the foreign trade deficit reached double-digit levels.
Trade Minister Ömer Bolat announced the foreign trade data for July. Accordingly, in July, the foreign trade volume reached 58 billion 610 million US dollars, while it amounted to 383 billion 710 million US dollars in the January-July period, and 653 billion 898 million US dollars in the last 12 months.
In July, the foreign trade deficit was 7 billion 368 million US dollars, rising to 60 billion 508 million US dollars in the first seven months of the year. In the last 12 months, the foreign trade deficit was recorded at 96 billion 758 million US dollars.
EXPORTS COVERING IMPORTS RATIO WAS 77.7%
In July, the ratio of exports covering imports was 77.7%. This ratio was calculated as 72.8% in the January-July period and 74.2% in the last 12 months.
When excluding energy and gold, the ratio of exports covering imports in July was 90.8%.
FOREIGN TRADE DEFICIT INCREASED BY 14%
In July, the foreign trade deficit increased by 14% compared to the same month last year, rising from 6 billion 463 million US dollars to 7 billion 368 million US dollars.
DECLINE IN COVERAGE RATIO
The ratio of exports covering imports decreased from 79.4% in July of last year to 77.7% this year, showing a decline of 1.7 percentage points.
When excluding gold and energy, the ratio of exports covering imports also decreased from 91.3% last year to 90.8%, reflecting a decline of 0.5 percentage points.
Source: SeaNews Türkiye
