Turkey’s September export unit value index increase was limited with 11.8% where as its export volume index increase was stronger at 16.3%.
Hence the details of the data show how weak TL as supported by the central bank is not aiding in Turkey’s foreign trade dynamics. That is, as Turkey is selling more goods at a lower price, Turkey is also buying less goods at a higher unit price.
As compared with the corresponding month of the preceding year, the overall export unit value index increased by 11.8% in September.
While terms of trade was 97.5 in September 2020, it decreased by 9.1 points to 88.4 in September 2021.
The export value index for:
- food was up 7.6%
- beverages and tobacco was +24.6%
- crude materials (except fuels) was +75.2%
- fuels and manufactured goods (except food, beverages and tobacco) increased by 10.2%,
The overall export unit value index increased by 12.7% in Quarter III 2021, compared to the corresponding quarter of the preceding year.
The overall export volume index compared to the corresponding month of the preceding year increased by 16.3% in September.
The export volume index for
- food was up 10.8%
- beverages and tobacco was +22.4%
- crude materials (except fuels) was +23%
- fuels and manufactured goods (except food, beverages and tobacco) increased by 16.9%,
The overall export volume index increased by 15.0% in Quarter III 2021, compared to the corresponding quarter of the preceding year.
How about the imports?
As compared with September 2020, the overall import unit value index increased by 23.4% in September.
The import value index for:
- food was up 20.2%
- beverages and tobacco was +62.2%
- crude materials (except fuels) was +65.3%
- fuels and manufactured goods (except food, beverages and tobacco) increased by 18.5%,
The overall import unit value index increased by 26.6% in Quarter III 2021, compared to the corresponding quarter of the preceding year.
In September, the overall import volume index compared to September 2020 decreased by 9.2%.
The import volume index for:
- crude materials (except fuels) decreased by 10.5%,
- food +38.6%,
- beverages and tobacco +0.2%,
- fuels and manufactured goods (except food, beverages and tobacco) increased by 0.1%.
The overall import volume index decreased by 7.4% in Quarter III 2021, compared to the corresponding quarter of the preceding year.
Terms of trade was 88.4 in September 2021
Terms of trade is calculated by dividing the export unit value index by the import unit value index, then multiplying the result by 100. While terms of trade was 97.5 in September 2020, it decreased by 9.1 points to 88.4 in September 2021.
Terms of trade decreased by 11 points to 89.4 in Quarter III 2021, compared to the corresponding quarter of the preceding year.
