Turkey's foreign trade deficit announced

Minister of Trade Ömer Bolat announced the foreign trade figures for April.

Turkey's exports in April increased by 0.13 percent year-on-year to 19.3 billion dollars. Turkey's imports in April increased by 4.2 percent year-on-year to 29.1 billion dollars.

Thus, Turkey's foreign trade deficit in April rose by 13.3 percent year-on-year to 9.9 billion dollars.

BALANCE SHEET FOR THE FIRST 4 MONTHS

In the first four months of 2024, exports increased by 2.7 percent compared to the same period in 2023, rising to 82.9 billion dollars. During this period, imports decreased by 8.9 percent compared to the same period in 2023, falling to 113.1 billion dollars.

Consequently, the foreign trade deficit in the January-April 2024 period fell by 30.5 percent to 30.2 billion dollars.

The export-to-import coverage ratio decreased by 2.7 percentage points to 66.1 percent. In the January-April period, the export-to-import coverage ratio was 73.3 percent.

In April 2024, annualized exports were 257.6 billion dollars, while annualized imports were recorded at 350.7 billion dollars. With these data, the annualized foreign trade deficit in April was 93 billion dollars.

In the Medium-Term Program (OVP), it is projected that by the end of 2024, exports will reach 267 billion dollars and imports will reach 372.8 billion dollars.

News Source: 12punto