Foreign trade deficit shrinks 12 percent in March

ANKARA

The foreign trade deficit declined by 12.4 percent in March from a year ago to $7.3 billion, according to data from Turkish Statistical Institute (TÜİK).

Exports were down 4.1 percent year-on-year to $22.57 billion, while imports plunged 6.3 percent annually to $29.9 billion.

On a seasonal and calendar basis, exports grew 0.8 percent in March from February and the monthly increase of imports was 3.9 percent, TÜİK said on April 30.

Energy and gold imports excluded, the foreign trade gap was $2 billion, said the statistics authority.

The export/import coverage ratio improved from 73.8 percent in March 2022 to 75.5 percent.

Exports to Germany stood at $1.75 billion, making it Türkiye’s largest export market. Italy ranked second with $1.3 billion of exports, followed by the U.S. with $1.27 billion. Shipments to Iraq and the U.K. amounted to $1.19 billion and $1.17 billion, respectively.

China’s share in Türkiye’s imports was 13.8 percent or $3.9 billion, while imports from Russia stood at $3.6 billion. Türkiye imported $2.15 billion worth of goods from German in March.

Consumer goods imports surged more than 19 percent annually to $4.6 billion. Conversely, intermediate goods imports fell 10 percent to $20.9 billion and capital goods imports fell 9.2 percent to $4.33 billion.

From January to March, Türkiye’s export revenues amounted to $63.6 billion, pointing to a 3.6 percent increase from the same period of last year.

Imports declined by 12.8 percent in the first quarter of the year to $83.95 billion.

Consequently, Türkiye’s foreign trade deficit in the first three months of 2024 was $20.34 billion, a 41.5 percent decline from a year ago.