Türkiye's terms of trade fall to 90
The Turkish Statistical Institute (TÜİK) released its foreign trade indices for August, showing that Türkiye's terms of trade declined by 4.3 points to 90, down from 94.3 in the same month last year.
Although the export unit value index increased by 8.5% year-on-year, the deterioration in the terms of trade indicated that import prices rose faster than export prices.
In August, the import volume index decreased by 2.8% compared with the previous year, while imports of food, beverages, and tobacco increased by 36.2%, and imports of raw materials excluding fuels rose by 8.3%. According to seasonally and calendar-adjusted data, the export volume index increased by 1% month-on-month, while the import volume index declined by 2.5%. The figures highlighted the continued deterioration in price conditions affecting Türkiye's foreign trade.
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