Türkiye’s exports hit $123.4B in H1Country’s trade gap grows to $61.4B in January-June, preliminary data shows

Türkiye’s exports dropped by 1.8% year-on-year to $123.4 billion in the first half of 2023, according to preliminary Trade Ministry estimates released on Monday.

Whereas Turkish imports rose 4.3% from a year earlier to $184.8 billion in January-June.

The country’s foreign trade gap reached $61.4 billion in the first half, up 19.1% from the same period last year.

Türkiye’s motor vehicle exports totaled $15.1 billion, surging 16.4% from last year, while non-electrical machinery exports rose 15.6% to $12.5 billion, the ministry said in a statement.

The other major sector that stood out in Turkish imports last month was electrical machinery, which totaled $7.5 billion, a 14.7% hike.

Germany continued to be the main recipient of Turkish exports with $10.7 billion from January to June, followed by the US with $7.4 billion, Italy with $6.2 billion, the UK with $5.9 billion, and Russia with $5.8 billion.

The country’s largest inbound shipments were from Russia with $24.8 billion over the six-month period.

China was the second-largest exporter to Türkiye in January-June, with $22.3 billion, followed by Germany with $13.4 billion, Switzerland with $11.8 billion, and the US with $7.6 billion.