Turkey’s trade deficit in 2022 soars to $109.5 billion

Turkey’s trade deficit in 2022 soars to $109.5 billion
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According to recent figures from TUIK, Turkey's exports amounted to $254.17 billion last year, while imports totaled $363.7 billion

Turkey's trade deficit widened to $9.7 billion in December, the Turkish Statistical Institute (TUIK) said on Tuesday.

Exports rose 3% year-on-year, while imports increased 12.2% in December.

The trade deficit for the full year more than doubled to $109.5 billion from $46.2 billion. The country's exports totaled $254.17 billion last year, up 12.9% year-on-year, while imports rose 34% to $363.7 billion during the same period, the figures show.

Germany was the main destination of Turkey's exports in 2022 with USD 21.14 billion, while Russia was the main source of imports with USD 58.85 billion.

High-tech products accounted for 4.3% of the country's total exports in 2022, up 22.8% from 3.6% in 2021.