Türkiye's foreign trade balance improved in the second quarter despite a sharp rise in energy costs, as resilient exports and weaker non-energy imports helped offset the impact of higher global fuel prices, the country's central bank said on Monday.
In an analysis, the Central Bank of the Republic of Türkiye (CBRT) said the U.S.-Israeli war with Iran, which began in late February, had been expected to worsen the country's external trade outlook through higher energy prices and disruptions to global supply chains.
"However, second quarter data painted a different picture. Despite a marked increase in energy imports, exports remained strong and the foreign trade balance improved," CBRT analysts said.
The conflict's most immediate impact was felt in energy markets, where second quarter average Brent crude prices rose 55.2% from a year earlier, while natural gas prices increased 28.2%.
As a result, Türkiye's calendar-adjusted energy imports climbed 32.4% year-over-year, reflecting not only higher prices but also the structure of energy imports, supply contracts, spot purchases and delivery lags, the bank said.
