The export unit value index decreased by 1.8 percent in August compared with the same month of last year, the Turkish Statistical Institute (TÜİK) has said.
The index for manufactured goods inched up 0.8 percent, while it dropped 1.2 percent for food, drink and tobacco from a year earlier. For fuels the index plunged 19.9 percent.
The overall export volume index increased by 3.4 percent in the month from August 2022. The indices for manufactured goods and food, drink and tobacco rose by 0.3 percent and 9.4 percent year-on-year, respectively.
On a seasonal and calendar basis, the export volume index advanced 4.4 percent from July.
Data from TÜİK released on Oct. 9 also showed that the import volume index increased by 10.9 percent in August compared with the same month of last year, while the import unit value index fell by 16.1 percent.
The terms of trade improved and rose from 74.2 in August last year to 86.8 in August 2023.The terms of trade is calculated by dividing the export unit value index by the import unit value index.
In August, exports increased by 1.6 percent year-on-year to $21.6 billion, while imports contracted 6.9 percent to $30.3 billion, according to the numbers from TÜİK.The Trade Ministry’s data showed earlier this month that Türkiye’s exports were up 0.3 percent in September from a year ago to hit $22.7 billion and imports fell by 14.1 percent to $27.6 billion.