Import and Export Figures Revealed: Value Indices Rise While Quantity Indices Decline
According to the September 2024 Foreign Trade Index report by the Turkish Statistical Institute (TÜİK), the export unit value index showed an increase of 3.6% compared to the same month of the previous year. This increase was supported by a rise of 11.6% in the food, beverage, and tobacco sector, and a 3.2% increase in the manufacturing industry (excluding food, beverage, and tobacco). However, the fuel sector experienced a decline of 12.1% in the export unit value index.
Another notable point of the index was a 6.2% increase in raw materials (excluding fuel). These figures indicate a general value increase in Turkey’s exports while also showing that different trends are observed on a sectoral basis.
The export quantity index decreased by 5.2%. The export quantity index for September 2024 recorded a decline of 5.2% compared to a year earlier, with the most significant decrease occurring in the fuel sector at 34.3%. In the food, beverage, and tobacco sectors, the export quantity index decreased by 11.8%. Meanwhile, raw materials (excluding fuel) saw a decrease of 12.6%, while the manufacturing industry (excluding food, beverage, and tobacco) exhibited an increase of 1.3%. This situation highlights the quantity-based contraction in the export sector and the differing trends across various industries.
The import unit value index rose by 4.7%. The import unit value index increased by 4.7% compared to September 2023. This rise was influenced by an 8.2% increase in the food, beverage, and tobacco sector, and a 5.3% rise in raw materials (excluding fuel). Additionally, the manufacturing industry (excluding food, beverage, and tobacco) also experienced a 4.3% increase. However, the import unit value index for fuels decreased by 3.7%. The overall value increase in import indices reflects the rise in import costs.
The import quantity index decreased by 5.8%. A decrease of 5.8% was recorded in the import quantity index. In September, a drop of 9.0% was observed in the food, beverage, and tobacco sectors. The reduction in fuels was 13.1%. Raw materials (excluding fuel) showed an increase of 4.1%, while the manufacturing industry (excluding food, beverage, and tobacco) increased by 2.1%. These differences reflect changes in import volumes and indicate recovery trends in certain sectors.
The seasonally and calendar-adjusted export quantity index decreased by 4.6%. The seasonally and calendar-adjusted export quantity index fell from 155.5 in August to 148.4 in September, decreasing by 4.6%. According to calendar-adjusted data, the index decreased from 160.3 in September 2023 to 151.9 in September 2024, marking a decline of 5.2%. These figures demonstrate that the monthly and yearly declines in export quantities are impacting Turkey's foreign trade performance. Changes could be related to uncertainties in the economic climate.
The seasonally and calendar-adjusted import quantity index fell by 0.7%. The import quantity index, which was 117.9 in August 2024, decreased to 117 with a drop of 0.7% in September. According to calendar-adjusted data, the index decreased from 122.0 in September 2023 to 114.9 in September 2024, marking a 5.8% decline. This decrease reflects the overall contraction in import volumes, which can be explained by various economic factors and market conditions.
The foreign trade terms in September 2024 were recorded at 86.7. It was reported that the foreign trade terms decreased by 1.0 points from 87.7 in September 2023 to 86.7 in September this year. This indicator reflects the ratio of the export unit value index to the import unit value index. This decrease reflects changes in Turkey’s foreign trade conditions and their effects on the trade balance. Yearly movements in values highlight the importance of interactions in economic environments and international markets.