TÜİK announces: Foreign trade deficit declined rapidly in the first quarter

According to provisional foreign trade data produced in cooperation with the Turkish Statistical Institute and the Ministry of Trade within the scope of the general trade system, exports in March 2024 decreased by 4.1% compared to the same month of the previous year, amounting to 22 billion 571 million dollars, while imports decreased by 6.3% to 29 billion 912 million dollars.

FOREIGN TRADE

In March, the foreign trade deficit decreased by 12.4% compared to the same month of the previous year, falling from 8 billion 379 million dollars to 7 billion 341 million dollars. The export-to-import coverage ratio rose from 73.8% in March 2023 to 75.5% in March 2024.

In the January-March period, the foreign trade deficit decreased by 41.5%, falling from 34 billion 799 million dollars to 20 billion 343 million dollars. The export-to-import coverage ratio rose from 63.8% in the January-March 2023 period to 75.8% in the same period of 2024.

PROGRESS IN EXPORTS

According to the general trade system, exports in the January-March 2024 period increased by 3.6% compared to the same period of the previous year, reaching 63 billion 603 million dollars, while imports decreased by 12.8% to 83 billion 945 million dollars.

Excluding energy products and non-monetary gold, exports in March 2024 decreased by 5.1%, falling from 21 billion 915 million dollars to 20 billion 789 million dollars.

In March, imports excluding energy products and non-monetary gold decreased by 6.7%, falling from 24 billion 452 million dollars to 22 billion 805 million dollars.

The foreign trade deficit, excluding energy products and non-monetary gold, was 2 billion 16 million dollars in March. The foreign trade volume decreased by 6.0% to 43 billion 594 million dollars. In the same month, the export-to-import coverage ratio excluding energy and gold was 91.2%.

WHO WERE THE TOP EXPORT PARTNERS?

Germany took the top spot in exports in March. While exports to Germany amounted to 1 billion 749 million dollars, this country was followed by Italy with 1 billion 288 million dollars, the USA with 1 billion 265 million dollars, Iraq with 1 billion 189 million dollars, and the United Kingdom with 1 billion 172 million dollars. Exports to the top 5 countries accounted for 29.5% of total exports.

Germany took the top spot in exports in the January-March period. While exports to Germany amounted to 5 billion 232 million dollars, this country was followed by the USA with 3 billion 804 million dollars, Italy with 3 billion 449 million dollars, Iraq with 3 billion 357 million dollars, and the United Kingdom with 3 billion 256 million dollars. Exports to the top 5 countries accounted for 30.0% of total exports.

CHINA IS IN THE LEAD

China took the top spot in imports. While imports from China in March amounted to 3 billion 900 million dollars, this country was followed by the Russian Federation with 3 billion 632 million dollars, Germany with 2 billion 146 million dollars, Italy with 1 billion 902 million dollars, and the USA with 1 billion 407 million dollars. Imports from the top 5 countries accounted for 43.4% of total imports.

Russia took the top spot in imports in the January-March period. While imports from the Russian Federation amounted to 11 billion 984 million dollars, this country was followed by China with 10 billion 227 million dollars, Germany with 6 billion 282 million dollars, Italy with 4 billion 632 million dollars, and the USA with 4 billion 146 million dollars. Imports from the top 5 countries accounted for 44.4% of total imports.

News Source: 12punto