UPDATE - Türkiye exports total $18.5B in June

UPDATING WITH TURKISH TREASURY AND FINANCE MINISTER'S COMMENT

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's exports totaled $18.5 billion in June, down 10.6% on a yearly basis, the Turkish Trade Ministry announced on Wednesday.

Over the same period, the country's imports also fell 4.1% to $25 billion, ministry data showed.

In June, there was a temporary decline in exports due to the calendar effect, nine-day religious Eid holiday, and five weekends causing the absence of working days and dampening exports, the ministry said in a press release.

The foreign trade balance posted a deficit of $6.4 billion in June while the export/import coverage ratio was at 74.3%.

During the first half of the year, the country's exports amounted to $125.44 billion, up 2% year-on-year.

Imports over the same period fell 8.5% to $168.7 billion.

The country's foreign trade volume dropped 4.3% to $293.13 billion during January to June.

The foreign trade balance posted a deficit of $43.2 billion in the six-month period, improving 29.5%, while the export/import coverage ratio was 74.4%, up from 66.7%.

During the last 12-month period, the country's exports were at $257.8 billion, up 2.5%, while imports dropped 6.7% to $346 billion.

Turkish Treasury and Finance Minister Mehmet Simsek said on X that the foreign trade deficit increased due to the calendar effect but reduced the annualize deficit.

"We will achieve a significant improvement in the foreign trade balance this year," he said, adding: "Energy transformation and the new industrial policy play a key role for this to become permanent."

The country's goal is to bring the current account deficit to GDP ratio permanently below 2.5%, he stressed.