Turkey's foreign trade deficit shrinks by 51 percent to in first 2 months
Date
3/31/2024 8:09:29 AM
(MENAFN) In the initial two months of the year, Turkey witnessed a notable reduction in its foreign trade deficit, with official figures revealing a 51 percent decrease to USD12.95 billion. The Turkish Statistical Institute (TurkStat) disclosed that during this period, the nation's exports surged to USD41 billion, marking an increase of 8.5 percent, while imports experienced a significant decline of 16 percent to USD54 billion.
February alone saw the foreign trade deficit narrow by 44.2 percent year-on-year, standing at USD6.77 billion. This improvement was attributed to a notable boost in exports, which climbed by 13.6 percent to USD21 billion, coupled with a substantial decrease in imports, down by 9.2 percent to USD27.85 billion compared to the same month in the previous year.
Digging deeper into the trade data for February, when excluding energy products and non-monetary gold, exports reached USD19.6 billion, showcasing a robust increase of 12.3 percent. Meanwhile, imports in the same category totaled USD20.99 billion, reflecting a more modest rise of 5.2 percent year-on-year.
Further analysis reveals that the foreign trade deficit, excluding energy products and non-monetary gold, narrowed even more significantly to USD1.4 billion in February 2024. These figures underscore a positive trend in Turkey's trade balance, driven by both an uptick in exports and a notable reduction in imports, particularly in key sectors excluding energy and gold.
MENAFN31032024000045015839ID1108040977
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.