Despite the weak course in production and foreign trade in the global economy in 2023, and with the effect of the 9-day holiday in the Eid al-Adha, our monthly exports in June were 20.9 billion dollars. This figure is above the monthly average exports in the first 5 months of 2023. The export of 20.9 billion dollars in June 2023 corresponds to a decrease of 10.5% compared to June 2022. The main reason for this is the suspension of orders and deliveries due to the 9-day Eid al-Adha holiday. Thus, in the first half of 2023, our 6-month exports amounted to 123.4 billion dollars.

Along with these data, another pleasing factor is the increase in value-added exports. While the share of exports of medium high and high technology products in manufacturing was 36.9% in 2022, it increased to 40.8% in the first six months of this year.

Our imports, on the other hand, decreased by 16.8% in June 2023 to 26.3 billion dollars, the lowest level of the last 20 months. The fall in energy imports outside the calendar was effective in the decrease in our imports, and total energy imports decreased by 45.3% to 4.4 billion dollars in June. The decline in energy prices, which was significantly effective in 2022, was also effective in the decrease in energy imports. With all the developments, in the first half of 2023, our 6-month imports amounted to 184.8 billion dollars.

On the other hand, imports of unprocessed gold, which increased by 270% in the first five months of the year compared to the same period of the previous year and amounted to 14.6 billion dollars, followed a relatively moderate course in June. In June, imports of unprocessed gold increased by 62.5% compared to the previous year and amounted to 2 billion dollars.

In June, despite the effect of the 9-day Eid holiday, our exports were realized at the level of 21 billion dollars and our foreign trade deficit decreased by 34.5% to 5.4 billion dollars due to the perceptible decline in our imports. The ratio of exports to imports approached 80% after 19 months, and realized as 79.5% with an increase of 16.1 points in June 2023 compared to the previous month, which is an important indicator of the positive course in the foreign trade balance. Our 6-month foreign trade deficit in 2023 was realized as 61.4 billion dollars. With the continuation of the decline in imports and additional steps to be taken to increase exports despite weak foreign demand, the improvement in the foreign trade balance is expected to continue in the upcoming period.