Exports hit $24 billion in March

ANKARA

Türkiye’s exports increased by 4.4 percent in March from a year ago to 23.6 billion, data from the Turkish Statistical Institute (TÜİK) have shown.

Imports rose 3.4 percent on an annual basis to $31.9 billion. Consequently, the country’s foreign trade deficit amounted to $8.3 billion, marking a limited 0.9 percent increase compared with March last year.

Germany was the top export market. Shipments to this country exceeded $2 billion last month. Exports to the U.S. and the U.K. stood at $1.4 billion and $1.2 billion, respectively.

The European Union absorbed 41.2 percent of Türkiye’s exports - or $9.7 billion in value - in March, down 2.8 percent from a year ago. In the first quarter, export to the bloc inched up 0.9 percent year-on-year to $25.9 billion.

Excluding energy and gold, the country’s imports stood at $21.4 billion, rising 14.2 percent on an annual basis.

The export/import coverage ratio improved slightly from 73.2 percent in March last year to 73.9 percent last month.

The share of manufacturing in total exports was 95 percent, or $22.4 billion, while the agriculture sector accounted for another 3.3 percent at $781 million.

Türkiye imported $23.3 billion worth of intermediate goods in March, down 8 percent from the same month of last year. Consumer goods imports grew 65 percent annually to $3.9 billion, and capital goods imports rose 47 percent to $4.8 billion.

In the first quarter of 2023, exports were at $61.6 billion, rising 2.5 percent, while the annual increase in imports was 11 percent to $96.3 billion. The foreign trade gap widened nearly 31 percent to $34.7 billion.