Record foreign trade deficit in the first quarter in Turkey
Preliminary foreign trade data produced within the scope of the general trade system in collaboration with the Turkish Statistical Institute and the Ministry of Trade have been announced. Accordingly, in March, the foreign trade deficit increased by 0.9 percent compared to the same month of the previous year, reaching 8.34 billion dollars.
In March, exports increased by 4.4 percent to 23.6 billion dollars compared to the same month of the previous year, while imports increased by 3.4 percent to 31.9 billion dollars.
The export-to-import coverage ratio was 73.2 percent in March 2022 and increased to 73.9 percent in March 2023.
The export-to-import coverage ratio was 69.4 percent in the January-March period of 2022 but decreased to 64 percent in the same period of 2023.
THE CORE DEFICIT ALSO INCREASED
Excluding energy products and non-monetary gold, exports increased by 3.7 percent from 21.2 billion dollars to 21.9 billion dollars in March 2023. In March, excluding energy products and non-monetary gold, imports increased by 14.2 percent from 21.4 billion dollars to 24.5 billion dollars.
The foreign trade deficit, excluding energy products and non-monetary gold, was 2.5 billion dollars in March. The foreign trade volume increased by 8.9 percent to 46.4 billion dollars. The export-to-import coverage ratio, excluding energy and gold, was 89.8 percent in that month.
As a result, the foreign trade deficit increased by 30.7 percent from 26.5 billion dollars to 34.7 billion dollars in the January-March period, which was recorded as a record trade deficit.