Turkey: Record monthly trade deficit in January
Turkey's monthly trade deficit in January was reported at a record $14.2 billion, signifying a 38.4% increase compared to the same month last year.
While Turkish exports rose to 19.4 billion, with an increase of 10.3%, imports rose to 33.6 billion, with a two-fold increase of 20.7%.
The rate of exports to imports fell from 63% in January 2022 to 57.6% in January 2023.
Turkey's growing trade deficit in January was due on large part to energy and gold imports, as the trade deficit excluding energy and gold imports was reported at $1.8 billion.
Germany topped Turkey's trade partners in exports with a volume of $1.8 billion, and the United States followed with $1.2 billion, Russia with $1 billion, the United Kingdom with $954 million, Italy with $916 million.
The exports to these five countries constituted over 30% of Turkey's total exports in January.
Russia topped the list in imports with $5 billion, followed by Switzerland with $4.3 billion, China with $3.6 billion, Germany with $1.8 billion and the US with $1.2 billion.
The exports to five countries constituted over 47% of Turkey's monthly imports.