Türkiye's exports hit 2nd-highest March figure on record

By Tuba Ongun

Turkish exports last month hit their second-highest March figure on record, totaling $23.4 billion, up 3.2% from the same month last year, the country's trade minister announced on Friday.

Türkiye's goods imports also climbed 2.3% from a year ago to $30.7 billion in March, Ömer Bolat told a news conference in the capital Ankara, announcing Turkey's preliminary foreign trade data.

The rise was primarily driven by a rise in energy costs, particularly due to higher global natural gas prices, as well as aircraft imports during the month, he explained.

When excluding gold and energy, Türkiye's imports showed a more modest annual increase of 0.9% in March, Bolat highlighted.

The country’s foreign trade deficit fell 0.5% to $7.3 billion during the same period, Bolat added, noting that the export-import coverage ratio improved 0.7 percentage points, rising to 76.3% in March.

In January-March, Türkiye's overseas shipments reached $65.3 billion, up 2.5% from last year, while its imports rose 4.6% to $87.9 billion.

Türkiye's trade gap grew 11.5% year-on-year to $22.6 billion in the first quarter of 2024, he noted. ​​​​​​​