Türkiye's trade balance shifts towards positivity with $22 billion in exports September data

Türkiye's foreign trade deficit has shown a remarkable improvement, narrowing by 31.1% year-on-year to reach $60.43 billion during the January-September period, according to the latest figures released by the Turkish Statistical Institute (TurkStat) on October 31.

During the first nine months of the year, Türkiye's exports amounted to $191.75 billion, marking a modest increase of 2.6% compared to the same period last year, Caliber.Az reports via Turkish media.

Conversely, the country’s imports saw a decline of 8.1%, totalling $252.18 billion. This shift has resulted in an export-import ratio of 76%, significantly up from 68.1% in the previous year, indicating improved export performance relative to imports.

In September alone, Türkiye’s exports were reported at $21.98 billion, reflecting a slight decrease of 1.9% month-on-month, while imports fell by 1.4% to $27.11 billion. The foreign trade deficit for September stood at $5.13 billion, illustrating a continuing effort to balance trade flows.

Germany remained Türkiye's largest export market, contributing $1.7 billion, followed closely by the United Kingdom at $1.4 billion. Exports to the United States and Iraq reached $1.26 billion and $1.13 billion, respectively, showcasing a diverse export portfolio.

On the import side, China was the dominant supplier, providing goods worth $3.7 billion, followed by Russia at $3.3 billion and Germany at $2.5 billion. This reliance on imports reflects Türkiye’s integration into global supply chains, particularly with major economies.

In addition to trade statistics, Türkiye's economic confidence index has also shown positive momentum, rising by 3.2% in October to reach 98, the highest level in five months. This increase, up from 95 in September, signals a burgeoning sense of optimism among consumers and businesses alike.

The rise in the confidence index is attributed to a 3% increase in consumer confidence, a 3% boost in the real sector (manufacturing industry) confidence, and a 1.5% rise in services confidence. The retail trade confidence index saw a minor uptick of 0.1%, while the construction confidence index experienced a slight decline of 1.7% month-over-month.

With an economic confidence index nearing the optimistic threshold of 100, Türkiye appears to be on a positive trajectory, bolstered by a narrowing trade deficit and modest export growth.

By Tamilla Hasanova