Exports surged 25 percent to $23.4 billion in April

ANKARA

Turkey’s exports increased by 24.6 percent in April from a year ago to stand at $23.4 billion, the Turkish Statistical Institute (TÜİK) said on May 31.

Imports grew by 35 percent on an annual basis to $29.5 billion.
Consequently, the country’s trade balance posted a deficit of $6.1 billion in April, rising 98.5 percent compared with the same month of 2021.

On a seasonally and calendar-adjusted basis, exports increased 8.4 percent in April from March, while imports remained unchanged.

The export-to-import coverage ratio dropped from 85.9 percent in April last year to 79.3 percent.

Germany was the largest export market for Turkey. Shipments to this country amounted to $2 billion, followed by the U.S. at $1.8 billion and the U.K. at 1.2 billion.

Exports to Italy and Iraq stood at $1.1 billion and $1 billion, respectively.

On the import side, Russia topped the list. Turkey purchased $5.5 billion worth of goods from Russia in April. The country’s imports from China and Germany were $3.3 billion and $2.2 billion, respectively. Italy and India ranked fourth and fifth in the list at $1 billion worth of imports each.

On the back of the April data, Turkey’s exports reached $83.5 billion in the first four months of the year, rising 21.6 percent from a year ago, while imports increased by 40.2 percent on an annual basis to $116 billion.

The foreign trade gap widened 130 percent in January-April to $32.6 billion, with the export-to-import coverage ratio falling from 82.9 percent to 72 percent, TÜİK data showed.