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Türkiye’s foreign trade gap shrinks 41.5% to $20.3 billion in the first quarter

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

During this period, Türkiye’s exports grew by 3.6% to US$65.6 billion, while imports fell by 12.8% to a total of US$83.9 billion.

Turkey's main export countries |  Doingbusinessinturkey.com

The export-to-import coverage ratio rose to 75.8% in the first quarter, compared to 63.8% in the same period last year, indicating a positive trend in the country’s trade balance.

In March alone, Turkey’s exports fell slightly by 4.1% to $22.57 billion, and imports also fell by 6.3% to $29.9 billion. The foreign trade deficit stood at $7.3 billion in March, down 12.4% compared to March 2023.

Photo of Mehmet Simsek, appointed Minister of Finance and Finance of the Turkish Economy
Finance Minister Mehmet Simsek during cabinet meeting on June 15, 2023 (Reuters)

Turkish Minister of Finance and Finance Mehmet Simsek expressed confidence in Türkiye’s economic program and highlighted the continuous improvement in the annual foreign trade balance deficit over the past eight months.

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

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

Source: Newsroom