UPDATE - Turkey posts highest February exports figure

Exports-to-imports coverage ratio rises significantly, 'most important indicator of 2019', says Turkish trade minister

UPDATE WITH MORE QUOTES FROM THE MINISTER

By Tuba Sahin

ANKARA (AA) - Turkey recorded its highest February exports figure, Trade Minister Ruhsar Pekcan said on Monday.

Turkish exports based on the special trade system rose 3.5 percent year-on-year to reach $13.6 billion in February, Pekcan told at a news conference in capital Ankara.

Formed on general trade system, Turkey's exports last month amounted to $14.3 billion, increasing 3.7 percent on an annual basis, she said.

The country's imports last month based on the general trade system fell 18.7 percent to hit some $16.2 billion, she added.

Imports based on special trade system totaled at $16.2 billion, down $18.7 percent annually, according to the ministry.

"Thus, our exports in the first two months of this year rose 5 percent while imports slipped $23.1 billion [on a yearly basis]," Pekcan said.

Calling the significant increase in exports-to-imports coverage ratio as the most important indicator of 2019, Pekcan said: "The exports-to-imports coverage ratio based on general trade system advanced to 88.6 percent in February, up from 69.4 percent in the same month last year."

The ratio formed on special trade system also increased from 69.4 percent to 86.1 percent last month, according to the ministry.

"We expect the rise in exports-to-imports coverage ratio to continue in forthcoming months, which means supporting Turkish economy by financing" Pekcan said.

The ministry formerly announced figures based on the special trade system.

The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation area and premises for inward processing.

Turkey's foreign trade deficit based upon general trade system last month shrank to $1.8 billion from $6.1 billion in February 2018, Pekcan noted.

She highlighted that Germany, the U.K. and Italy were the main recipient of Turkish exports in the month.

"Europe's [EU] share on our exports increased to 51.7 percent," Pekcan said.

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