Exports rise nearly 4 pct to $20 billion in January

ANKARA

Türkiye’s exports increased by 3.6 percent in January from a year ago to more than $20 billion, the data from the Trade Ministry have shown.

Imports were down 22 percent compared to the first month of last year to $26.2 billion.

The country’s foreign trade deficit shrank 56.8 percent year-on-year to $6.17 billion.

This marked the highest January export figure on record,” Trade Minister Ömer Bolat said on the social media platform X.

“Despite challenges, such as fluctuations in the global economy and the pandemic, Türkiye’s export performance continues to improve, and our foreign trade deficit is on a downward path. This success strengthens our country's economic resilience and position in the global market,” he wrote.

The export/import coverage ratio increased from 57.5 percent in January 2023 to 76.4 percent last month. Excluding energy, the coverage ratio was 94.8 percent.

Exports to Germany, one of Türkiye’s largest trading partners, amounted to $1.76 billion. The U.S. ranked second at $1.22 billion, followed by Iraq at $1.1 billion.

Türkiye’s imports from Russia and China were $3.99 billion and $2.89 billion, respectively. Imports from Germany stood at $1.9 billion.

The 12-month rolling exports amounted to $256.5 billion, rising 0.2 percent, while imports fell 4.1 percent to $354 billion. The 12-month rolling foreign trade deficit was 97.9 billion as of January.

Last year, Türkiye’s exports reached an all-time high of $255.8 billion.

The country’s share in global exports increased from 0.55 percent in 2002 to 1.06 percent as of September 2023.