Economy in Turkey: Exports decline in February, foreign trade deficit increases by 52 percent

According to data shared by the Ministry of Commerce, exports fell by 6.4 percent to $ 18.6 billion in February. There was a loss of 1.5 billion dollars in February exports due to the earthquake..

In February, exports decreased by 6.4 percent compared to the same period last year whereas imports increased by 10.6 percent compared to last year and amounted to 30 billion 833 million dollars. The Ministry of Commerce stated that there was a direct downward impact of $ 1.5 billion on February exports due to the earthquake. Thus, the foreign trade deficit increased by 52.8 percent in February and amounted to 12.2 billion dollars.

The Ministry of Commerce has announced the Foreign Trade Data for the Month of February 2023. According to the data, the foreign trade volume increased by 3.5 percent compared to February 2022 and amounted to 49 billion 471 million dollars.

“HIGHEST VOLUME OF EXPORTS TO GERMANY”

The countries where the highest volume of exports was realized in February was Germany (1 billion 697 million dollars), Italy (1 billion 115 million dollars) and the USA (1 billion 87 million dollars), respectively.

The countries from which the highest volume of imports was realized in February were Russia (4 billion 133 million dollars), Switzerland (3 billion 646 million dollars) and China (3 billion 101 million dollars), respectively.