(MENAFN) According to Trade Minister Omer Bolat, Turkey's exports in April saw a slight year-on-year increase of 0.13 percent, reaching USD19.3 billion, as per preliminary data. Bolat attributed this modest growth to the closure of factories during the week-long Eid al-Fitr holiday.
However, Turkish imports experienced a more pronounced rise, climbing by 4.2 percent compared to the previous year, totaling USD29.2 billion for April. Consequently, the country's trade balance recorded a deficit of USD9.9 billion last month, marking a significant 13.3 percent increase from the same period last year.
Bolat emphasized that in the January-April period, Turkey's exports grew by 2.7 percent compared to the prior year, amounting to USD82.9 billion. Conversely, imports during the same four-month period decreased by 8.9 percent, reaching USD113.1 billion. This resulted in a notable narrowing of Turkey's trade gap by 30.5 percent, down to USD30.2 billion.
These figures underscore the ongoing challenges and dynamics within Turkey's trade sector, influenced by factors such as global market conditions, domestic economic policies, and seasonal fluctuations. Despite facing headwinds such as the holiday-related factory closures, Turkey continues to navigate its trade landscape with a mixed pattern of export growth and import moderation, aiming to achieve a more balanced and sustainable trade environment.
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