The Surge in Turkey's August Exports

The Ministry of Commerce released trade data for August. Turkey's exports rose 13.2 percent in August over the same month the year before, according to the General Trade System. Exports totaled 21 billion 341 million dollars as a result. The highest August export data ever was this amount, according to records. 

The Ministry of Commerce has released its data bulletin, which includes figures on temporary foreign commerce for the month of August. Trade Minister Mehmet Muş presented the foreign trade figures for August at the Southeast Anatolian Exporters Union Meeting Hall. Foreign trade volume was recorded as an increase of 28.4 percent. And it reached 53 billion 959 million dollars. The foreign trade deficit increased by 161.8 percent and reached 11 billion 277 million dollars in the data bulletin.

The ratio of exports to imports was 65.4 percent. Excluding energy data, the ratio of exports to imports decreased by 13.9 points. Therefore, it decreased to 82.7 percent.

Turkey's Export Countries in August

Germany ranked first in the list of the countries with the highest imports from Turkey in August, with an increase of 13% reaching $1.6B. With 1 billion 480 million dollars, the USA ranks second with an increase of 13 percent. In addition, with an increase of 34.2 percent, Iraq was recorded as the third with 1 billion 258 million dollars. The share of the first 10 countries with the largest share in Turkey's total exports was 47.4 percent.

In the said period, the highest exports were made to the European Union with 7 billion 988 million dollars. The Near and Middle East countries followed with 4 billion 82 million dollars. Moreover, other European countries with $3 billion 314 million were the country groups that Turkey exported the most.

The "raw material (intermediate products)" group, which saw a gain of 15.5 percent and generated 11 billion 583 million dollars, was classified as having the largest export. "Consumption goods" came next, increasing by 10.7% and totaling $7 billion 361 million. The last group to rank first among export values is "investment (capital) goods," which saw a growth of 3.8 percent and reached 2 billion 203 million dollars.

In terms of sectors, the share of the manufacturing industry in August exports was agriculture with 95 percent. In addition, forestry and fisheries had a share of 2.5 percent, while the share of mining and quarrying was 2 percent.

President of Turkish Exporters Assembly Evaluated August Data

Team Chairman Gültepe evaluated the year 2022, including August data, at the meeting held in Gaziantep. He stated that the number of countries Turkey exports to increased from 218 to 220 in August. He emphasized that besides European countries, significant export increases were recorded. Exports to the United Arab Emirates increased by 70%. On the other hand, exports to Lebanon increased by 130% and exports to South Africa increased by 214 percent.

Apart from the country analysis, he also touched on the progress in export figures. He said that the success in exports in July and August was proof that the Turkish economy would continue to grow. And he added:

"As of August, we have reached our export target for 2022 on an annualized basis. Thus, we will close the year 2022, which was quite turbulent due to the war, with a significant growth figure, by maintaining the successes on the export side."

Gültepe stated that access to finance stands out as the most basic need for the continuation of the acceleration in exports. "Because, as our exports increase, so do our investments, our need for raw materials, and our employment. All these generate new funding needs."

Drawing attention to the importance of finance and digitalization, Gültepe also included the concept of sustainability in his words:

"Only with solid financing will we be able to assess the opportunities in global trade that emerge during such times. I extend my sincere congratulations to every member of our export family, whose investments, production, employment, and exports have boosted the Turkish economy. We must take steps in the fields of Sustainability and Digitalization to carry the gains we have achieved in exports to the future."