Exports rise 20% to $22.7 billion in March

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ANKARA

Turkey’s exports rose 19.8% in March from a year earlier to $22.7 billion, official data showed.

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The pace of export-led growth slowed in March, but in terms of revenue, they increased from the previous month. In February, the country’s shipments to overseas markets rose 24.9 percent year on year to $19.9 billion, while in January, exports rose 17.1 percent to 17.6. billions of dollars.

The Turkish Statistical Institute (TÜİK) reported on April 29 that imports rose 30.7 percent year-on-year to $30.9 billion.

The coverage ratio of exports to imports fell from 80.2% in March last year to 73.5% last month.

The European Union’s share of Turkey’s total exports rose from 41.1 percent last year to 44.1 percent at $10 billion, the data also showed.

Germany was the largest export market with $1.9 billion of goods purchased from Turkey, followed by the United States with $1.6 billion and Italy with $1.3 billion.

The manufacturing industry accounted for almost 95% of all exports, while the share of agriculture was 3.1%.

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In March, Turkey’s imports from Russia amounted to $4.2 billion. China came in second with $3.6 billion, while imports from Germany totaled $2.24 billion.

Imports of intermediate goods rose 43% year on year to $25.3 billion, while imports of consumer goods fell 3.6% to $2.4 billion. Capital goods imports fell 6.3% to $3.3 billion.

As a result, the country’s foreign trade rose 75 percent in March from a year ago to $8.2 billion.

In the first quarter, Turkey’s exports reached $60.2 billion, up nearly 21% from the same period in 2021. Imports rose 42% to $86.6 billion.

The country’s foreign trade jumped nearly 139 percent year on year to $26.4 billion in January-March.

Economy,


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