Foreign Trade Terms Increase by 4.6 Points

The Turkish Statistical Institute (TUIK) has released the foreign trade indices for December 2023, revealing a 4.6 point increase in the terms of foreign trade, reaching 87.

The export unit value index showed a 1.2 percent decrease in December compared to the same month of the previous year. However, the index increased by 2.9 percent in food, beverages, and tobacco, while decreasing by 10.2 percent in raw materials (excluding fuel), 15.5 percent in fuels, and remaining unchanged in the manufacturing industry (excluding food, beverages, and tobacco). The export quantity index increased by 1.6 percent in December compared to the same month of the previous year. Food, beverages, and tobacco saw a 5 percent increase, while raw materials (excluding fuel) decreased by 4.8 percent, fuels increased by 31.9 percent, and the manufacturing industry (excluding food, beverages, and tobacco) decreased by 2.5 percent.

On the import side, the unit value index decreased by 6.5 percent in December compared to the same month of the previous year. This decrease was seen in food, beverages, and tobacco, fuels, raw materials (excluding fuel), and the manufacturing industry (excluding food, beverages, and tobacco). The import quantity index also decreased by 4.8 percent in December compared to the same month of the previous year. However, increases were noted in food, beverages, and tobacco, raw materials (excluding fuel), fuels, and the manufacturing industry (excluding food, beverages, and tobacco).

The terms of trade, which is calculated by dividing the export unit value index by the import unit value index, increased by 4.6 points compared to December 2022, reaching 87.

These indices provide valuable insights into the dynamics of foreign trade in Turkey, offering important information for policymakers, businesses, and analysts.

 

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