Foreign trade deficit reached 7.52 billion dollars in March
According to data from the Ministry of Trade, exports in March amounted to 22 billion 578 million dollars. During this period, imports were 30 billion 95 million dollars. The foreign trade deficit stood at 7 billion 517 million dollars. Exports declined by 4.1 percent annually in March.
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The Ministry of Trade has announced the foreign trade figures for March.
According to the Ministry of Trade data, exports in March fell by 4.1 percent annually to 22.6 billion dollars. Imports were also recorded at 30.1 billion dollars, a decrease of 5.7 percent.
Following this data, the foreign trade deficit decreased by 10.3 percent to 7.52 billion dollars.
In the January-March period, the foreign trade deficit fell by 41.2 percent compared to the same period last year, down to 20.5 billion dollars. During this period, exports increased by 3.6 percent to 63.7 billion dollars, while imports were recorded at 84.1 billion dollars, a decline of 12.6 percent.
"THE MONTHLY DECLINE TREND IN IMPORTS HAS CONTINUED SINCE AUGUST"
The statement made by the Ministry of Trade is as follows:
"Although there was a 4.1 percent decline compared to March 2023, it was recorded as the 3rd highest March export value in history. The most important reason for the annual decline is the calendar effect in March 2024.
Specifically, there were 5 weekends (Saturday-Sunday) in March 2024. However, there were 4 weekends in March 2023. Exports and imports are carried out intensively on weekdays from Monday to Friday, while very low amounts occur on Saturdays and Sundays. On the other hand, in March 2023, the highest monthly figure in the 100-year history of our Republic was achieved with 23.548 billion dollars. This was influenced by the fact that some exports that could not be made in February 2023 due to the February 6 earthquakes were able to be made in March 2023.
In March 2024 exports, the weak course of economic activities on a global scale in our main markets in the Western world, especially in the European Union, which constitutes 40 percent of our exports, and the continued decline in imports in global trade and the European Union, are also quite effective.
On the other hand, as another positive development, imports in March 2024 decreased by 5.7 percent compared to the same month of the previous year, falling to 30 billion 95 million dollars. The monthly downward trend in imports has continued since last August."