In July 2024, Turkey faced a notable increase in its foreign trade deficit, which rose by 41.8% compared to the same month last year, reaching a staggering $7.3 billion. This sharp rise highlights the ongoing challenges in Turkey's trade balance, as the country grapples with fluctuating import and export dynamics. The provisional foreign trade statistics compiled by the Turkish Statistical Institute and the Turkish Undersecretariat of Customs reveal a complex picture of Turkey's economic landscape.
Despite the widening trade deficit, Turkey's iron and steel sector demonstrated resilience and growth. In July, iron and steel exports ranked fifth among the country's highest-value export products, totaling approximately $939.89 million. This figure represents a remarkable increase of 35% year on year, indicating strong demand for Turkish steel in international markets. This surge in export value underscores the sector's importance in contributing to Turkey's overall economic performance.
Additionally, the exports of articles made from iron or steel also saw positive growth. These products ranked ninth among Turkey's top export items, with a total export value of $808.64 million in July. This figure reflects a year-on-year increase of 10.9%, further demonstrating the robust performance of the Turkish steel industry and its ability to adapt to global market demands.
Looking at the broader picture for the first seven months of 2024, Turkey's iron and steel export value reached $5.95 billion, marking a significant increase of 21.3% compared to the same period last year. This growth is particularly noteworthy as it comes amid a challenging economic environment, illustrating the sector's vital role in bolstering Turkey's export economy. However, the value of exports of articles made from iron or steel experienced a slight decline, decreasing by 1.7% to $5.61 billion year on year.
