February 2023 Foreign Trade Data Announced

February Foreign Trade Data Announced
February 2023 Foreign Trade Data Announced

📩 02/03/2023 12:42

According to the data announced by the Ministry of Commerce, exports in February were 18,6 billion dollars. “We wish God's mercy on our citizens who passed away due to the earthquake disaster that affected 6 provinces and millions of our citizens on February 2023, 11, a speedy recovery to the injured, and our condolences to those left behind and to our entire country. This disaster deeply affected not only our citizens living in 11 provinces, but also the whole of Turkey. While the sadness of the lives lost in the earthquake disaster is experienced throughout our country, our Ministry, together with other relevant institutions, continues to work for the return of trade in the region to normal. Due to the earthquake disaster, the monthly foreign trade evaluation is shared with the public in the form of a press release for this month.

As it is known, great success has been achieved in exports in 2022. In addition to the export of goods, an important stage has been reached in the export of services. In 2022, our goods exports increased by 12,9% to 254,2 billion dollars, while our service exports reached 46,5 billion dollars as a result of an increase of 90%.

The Turkish economy grew by 2022% in 5,6, above the Medium Term Program (2023-2025) estimate of 5%. The contribution of exports of goods and services to growth was 2,2 points positive throughout the year, accounting for 40% of the growth, and exports continued to be the driving force of growth. On the other hand, the earthquake disaster in 8,6 provinces, which constitute 11% of our country's total exports, had a downward effect on our exports.

In February 2023, our exports decreased by 6,4% compared to the same month of the previous year and amounted to 18,6 billion dollars. According to the customs gates data, there was a significant decline in exports after the earthquake, especially in Adıyaman, Hatay, Kahramanmaraş and Malatya. Considering the deviations in our monthly estimations and province-based decreases, it is evaluated that there was a direct downward effect of 1,5 billion dollars on our exports in February due to the earthquake.

Compared to the same period of the previous year, the relatively weak course of foreign demand and the low euro-dollar parity also affected our exports downwards. Due to the parity, our exports were realized as 2023 million dollars less in February 529,2. While our imports in February amounted to 30,8 billion dollars, 22% of this figure is due to energy imports.

In addition, the increase in imports is mainly due to the import of unprocessed gold. As a matter of fact, in this period, imports of unprocessed gold increased by 3,7 billion dollars (an 858,7% increase) and amounted to 4,1 billion dollars. Among the product groups that stood out in the increase in imports in February 2023, automotive imports were 2,1 billion dollars (81% increase), machinery imports 2,9 billion dollars (22,2% increase), electrical machinery imports 2,1 billion dollars due to the overcoming of the semiconductor crisis. dollars (40,5% increase). As of 2021, the share of 11 provinces affected by the earthquake in Turkey's GDP is 9,8%.

Necessary measures are taken to overcome the damage caused by the earthquake in the economy of the provinces immediately, and works are carried out within the scope of short, medium and long-term needs in order to restore our businesses affected by the earthquake. Once again, we wish God's mercy on our citizens who lost their lives due to the earthquake, our condolences to their relatives and a speedy recovery to the injured. Condolences to all of us as a nation.”