Foreign trade with lira up nearly 40 pct

ANKARA

Türkiye’s foreign trade in the Turkish Lira increased by 39.4 percent in January-February 2024 from the same period of last year to reach 207.7 billion liras ($6.6 billion).

Exports in the local currency surpassed 56 billion liras in the first two months of 2024, rising 43 percent from a year ago, while imports in lira climbed 38 percent year-on-year to 15.16 billion liras, according to the data from Trade Ministry.

In February alone, exports in the local current amounted to 25.1 billion liras, up from 21 billion liras in the same month of 2023. Imports in liras increased from 61.45 billion liras to 70.47 billion liras.

In the first month of 2024, exports and imports in lira were 31 billion liras and 81.2 billion liras, respectively.

In 2023, total foreign trade in the local current amounted to 1.2 trillion liras. Exports in lira were 313 billion, while imports in the local currency amounted to 901 billion liras.

The preliminary numbers from the ministry showed last week that Türkiye’s exports rose by 8.5 percent year-on-year in the first two months of 2024 to $41.1 billion. Imports were down 15.5 percent to $54.3 billion.

The country’s foreign trade deficit shrank 50 percent to $13.2 billion.

In February, the annual increase in exports was 13.6 percent to $21.09 billion. Imports declined by 8.5 percent compared to February last year to $28.1 billion.

Consequently, the foreign trade deficit fell more than 42 percent year-on-year to $7 billion.