According to the statement made by the Ministry of Commerce, exports decreased by 10,5 percent and became 20,9 billion dollars in June, while imports decreased by 16,8 percent and amounted to 26 billion 297 million dollars.
The written statement made by the Ministry is as follows: “Despite the weak course in production and foreign trade in the global economy in 2023 and 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 2023 months of 5. Exports of 2023 billion dollars in June 20,9 correspond to a decrease of 2022% compared to June 10,5. 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 2022% in 36,9, it increased to 40,8% in the first six months of this year.
Our imports, on the other hand, decreased by 2023% in June 16,8 to 26,3 billion dollars, the lowest level of the last 20 months. The decrease in our imports was due to the decrease in energy imports outside the calendar, 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. Along with all the developments, our 2023-month imports in the first half of 6 have been realized as 184,8 billion dollars.
However, unprocessed gold imports, 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 mild 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 19% after 80 months, and realized as 2023% with an increase of 16,1 points in June 79,5 compared to the previous month, which is an important indicator of the positive course in the foreign trade balance. Our 2023-month foreign trade deficit in 6 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.
Along with the global economic activity, a weak course is observed in trade, and according to the OECD June Global Outlook Report, the global economy growth rate, which was 2022% in 3,3, is expected to decline to 2023% in 2,7. In the Euro Zone, which is our largest export market, economic growth is expected to decline by 2023% in 2,4, with a decrease of 0,9 points.
June 2023 Manufacturing Industry Purchasing Managers Index (PMI) data also indicate that global demand will remain weak for a while. The leading PMI indicators for June, which were announced, reached the lowest level of 43,6 months with 37 in the Euro zone, the lowest level of 41,0 months with 37 in Germany, our largest trading partner, and 46,2 and 46,3 in the UK and the USA. decreased to the lowest levels of 6 months and remained below the 50 threshold value.
In June 2023, exports decreased by 10,5% and amounted to 20,9 billion dollars due to the calendar effect. The decrease in our exports in June was due to the shift of the Eid-al-Adha holiday from July last year to June this year and the interruption of production with the extension of the Eid holiday to nine days. As a matter of fact, when the daily average export data is analyzed on a working day basis, a moderate increase is observed compared to May. According to the data on a chapter basis in June;
Motor land vehicles (Chapter 87) increased by 14,8% compared to the previous year and reached 2,7 billion dollars,
Non-electrical machines (Chapter 84) increased by 9,9% compared to the previous year and reached 2,1 billion dollars,
Electrical machinery (Chapter 85) increased by 3,8% compared to the previous month and reached 1,3 billion dollars.
realized and the highest export level was reached in each chapter on an annualized basis.
In the first six months of the year; compared to the same period of the previous year;
Motor land vehicles (Chapter 87) exports increased by 16,4% to 15,1 billion dollars,
Exports of non-electrical machines (Chapter 84) increased by 15,6% to 12,5 billion dollars,
Electrical machinery (Chapter 85), on the other hand, increased by 14,7% and reached 7,5 billion dollars.
In the first half of the year, our exports to the EU-27 were 52 billion dollars, to Africa 10 billion dollars, to America 10,6 billion dollars, and to the Near and Middle-East 20,7 billion dollars.
Despite the stagnation in the global economy, the positive developments in our foreign trade balance with our decreasing imports, as well as the increasing course in our exports, will contribute to providing a suitable environment for our investment-production-export-employment priorities by strengthening the macroeconomic stability of our country.