Turkey's exports increased in July year over year. Turkey's Trade Minister Mehmet Muş described this situation as a record.
Turkey’s highest export value of all time has been reached. According to the General Trade System (GTS), Turkey's exports increased in July year over year. Turkey's Trade Minister Mehmet Muş described this situation as a record.
Muş stated that exports, which increased by 13.4 percent in July, were the highest exports of all time on a monthly basis. Compared to the same month of the previous year, exports in 2022 continue to increase by 18.6 billion dollars. The import value of July increased by 40.8% compared to the previous year and was worth $29.1B. This record highlights that Turkey is approaching its 12-month export targets.
The list of the most exported countries in July is quite extensive. Germany takes the first place with 1 billion 487 million dollars. It is followed by the USA, which has 1 billion 318 million dollars with an increase of 24.8%. England is in third place with an increase of 3.6 percent and 1 billion 17 million dollars in the list.
Mehmet Muş also announced that the share of the top 10 countries with the highest share in total exports was 47.2%. Muş stated, "While the global economic growth forecasts were lowered in the IMF's July report, our country's 2022 growth forecast was increased to 4 percent with an increase of 1.3 points."
In the said period, the list of the most exported country groups was also announced by the Ministry of Trade. The European Union ranks first in the list with 7 billion 351 million dollars. It is followed by the Near and Middle East countries with 3 billion 134 million dollars. Other European countries followed with 2 billion 382 million dollars export value.
According to the data of the BEC classification, most exports were made from the raw material (intermediate goods) group with an increase of 20.7 percent and 10 billion 187 million dollars. Other sectors with the highest exports were consumer goods with an increase of 3.9 percent and 6 billion 278 million dollars. Also, investment goods were on the list with an 8 percent increase and 1 billion 937 million dollars.
The share of the manufacturing industry in exports was determined as 94.2 percent. The mining and quarrying sector followed the manufacturing industry with 2.9 percent.
Exports were made to many countries in July. Russia is at the top of the list with an import of 4 billion 369 million dollars with an increase of 78.1 percent. It was followed by China with a 43.2 percent increase and 3 billion 805 million dollars. Finally, Germany came with a 9.3 percent increase and 1 billion 781 million dollars.
Asian countries take the first place in the list of groups imported in the specified period, with 7 billion 455 million. Behind Asian countries, there is the European Union, with 7 billion 251 million dollars. European countries come in third place with 6 billion 849 dollars.
According to the July data of the BEC classification, Turkey’s most imports were made in the "raw materials" group. Imports in the raw materials group exceeded 23 billion 592 million dollars and took first place on the list. The "investment goods" group took second place with 3 billion 159 million dollars. And the "consumer goods" group took third place with 2 billion 365 million dollars.
When the most imports are listed by the sector, the manufacturing industry comes first with 73.2 percent. The share of mining and quarrying was 19.3 percent. The share of agriculture, forestry, and fisheries was 4.7 percent.
In the first 7 months of the year, foreign trade volume increased by 30.9 percent compared to the same period of the previous year. It reached 350 billion 816 million dollars. In these 7 months, the foreign trade deficit reached 61 billion 982 million dollars with an increase of 143%. The export-import coverage ratio was calculated as 70 percent.
Muş stated that with 12-month exports reaching $248.4B, they would reach the $250B export target by the end of 2022. Muş also said that the Turkish economy managed to create 3 million 573 thousand additional jobs compared to the pre-pandemic period.
He added that the economy continued to grow after the difficult processes experienced with the COVID19 epidemic that spread all over the world in 2019. Despite the uncertainties in the Russia-Ukraine war after the epidemic, high increases are expected in tourism and export revenues in the coming months.