According to the Minister of Trade, Omer Bolat, on Monday, the foreign trade figures for Turkey showed mixed trends for January. Exports rose by 2.9% compared to the previous year, reaching $25.6 billion, marking the highest export value recorded for the month. Conversely, imports increased by 5.2% year-over-year, totaling nearly $33 billion.
Consequently, the nation’s total foreign trade volume expanded by 4.1% to reach $58.6 billion. However, the data also indicated a widening trade deficit. The deficit grew by 14% to $7.37 billion, up from $6.46 billion recorded in January of the prior year.
This resulted in the export-to-import coverage ratio declining by 1.7 percentage points, settling at 77.7%. Looking at the cumulative data for the first half of the year, exports for January through June showed a modest increase of 3.4% year-on-year, amounting to $161.6 billion. These figures provide a detailed snapshot of the current state of Turkey’s international trade balance, highlighting both growth areas and areas of increased fiscal gap within the billion dollar scale of commerce.
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