Türkiye's foreign trade gap narrows by 41.5% in Q1

By Gokhan Ergocun

RIYADH (AA) - Türkiye's foreign trade deficit narrowed by 41.5% to $20.3 billion in the January-March period of 2024, versus the same period last year, official figures from the Turkish Statistical Institute (TurkStat) showed on Tuesday.

The country's exports rose by 3.6% to $65.6 billion in the three-month period, while imports dropped by 12.8% to $83.9 billion.

The exports/imports coverage ratio was at 75.8% in the first quarter, increasing from 63.8% in the same period last year.

In March alone, the country's exports dropped by 4.1% to $22.57 billion and imports fell by 6.3% to $29.9 billion.

The foreign trade gap was at $7.3 billion in March 2024, decreasing 12.4% versus March 2023.