Central Bank says strong exports offset energy import surge
Türkiye’s foreign trade balance improved in the second quarter despite a sharp rise in energy imports, as exports remained strong and non-energy imports declined, according to an analysis published on July 6 on the Turkish Central Bank’s blog.
It said geopolitical developments can weigh on the foreign trade balance through energy prices and global supply chains, adding that the U.S./Israel-Iran war had been expected to weaken Türkiye’s foreign trade outlook.
“However, second-quarter data painted a different picture. Despite a marked increase in energy imports, exports remained strong and the foreign trade balance improved,” the analysis said.The war’s most immediate impact was seen in energy markets, with second-quarter averages showing Brent crude prices up 55.2 percent year-on-year and natural gas prices up 28.2 percent.
In parallel, Türkiye’s energy imports, adjusted for calendar effects, rose 32.4 percent annually, reflecting not only the composition of energy imports but also supply agreements, spot purchases and lead times, the analysis said.
