Türkiye’s foreign trade gap shrinks by 41.5% to $20.3B in Q1

The country’s exports rose 3.6% to $65.6 billion in the three-month period, while imports dropped 12.8% to $83.9 billion

Türkiye’s foreign trade deficit saw a significant reduction in the first quarter of 2024, narrowing by 41.5% to $20.3 billion, according to official data released by the Turkish Statistical Institute (TurkStat) on Tuesday.

During this period, Türkiye’s exports grew by 3.6% to reach $65.6 billion, while imports experienced a decline of 12.8%, totaling $83.9 billion.

The exports-to-imports coverage ratio increased to 75.8% in the first quarter, up from 63.8% in the same period last year, signaling a positive trend in the country’s trade balance.

In March alone, Türkiye’s exports decreased slightly by 4.1% to $22.57 billion, and imports also saw a decline of 6.3% to $29.9 billion. The foreign trade gap for March stood at $7.3 billion, down by 12.4% compared to March 2023.

Turkish Treasury and Finance Minister Mehmet Simsek expressed confidence in Türkiye’s economic program, highlighting the uninterrupted improvement in the annual foreign trade deficit for the past eight months.

He attributed this positive trend to reshaped supply chains post-pandemic, strategic competition, and shifts toward procuring goods from friendly neighboring countries.

Simsek emphasized Türkiye’s strategic location as a key factor contributing to its positive trade dynamics and pledged to bolster the country’s position in global trade through structural reforms aimed at enhancing productivity.

Source: Newsroom