UPDATE - Turkish exports, imports on rise in February

UPDATES WITH MORE QUOTES FROM TRADE MINISTER, ADD DATA

By Merve Ozlem Cakir

ANKARA (AA) - Turkey's exports and imports increased on an annual basis in February, the trade minister said on Tuesday.

Turkish exports rose 2.3% year-on-year to reach $14.7 billion last month, while imports went up 9.9% to hit $17.7 billion in the same period, Ruhsar Pekcan said in a written statement.

The country's foreign trade volume totaled $32.3 billion in February, marking a 6.43% rise compared to the same month of last year, she stressed.

Pekcan also said that export-import coverage ratio rose to 83% in the month.

Germany, Iraq and the U.K. were the top receivers of Turkish exports while the country imported the most from Russia, China and Germany, she added.

In January-February, Turkey’s exports totaled $29.4 billion, rising 4.3% on a yearly basis.

Imports also posted an annual rise of 14.4% to $36.9 billion in the first two months of this year.

"Despite the weakening in foreign demand, global and regional negativities, uncertainties and risks, the rise in our exports is an important indicator of the dynamism and competitive strength of our exporters in the world," Pekcan noted.

On Turkey's economic growth rate of 0.9% in 2019, she said that 2.3 points of growth was generated by net exports, posting the most significant contribution.

According to the Turkish Statistical Institute, the country's gross domestic product (GDP) at current prices stood at 4.28 trillion Turkish liras (some $755 billion) last year.