Türkiye's trade gap rises to $14.2B in January

By Tuba Sahin

ANKARA (AA) - Türkiye's trade deficit widened by 38.4% year-on-year to $14.2 billion in January, according to official data released on Monday.

The country's exports rose 10.3% from a year ago to $19.4 billion in January, while imports surged 20.7% to $33.6 billion, the Turkish Statistical Institute (TurkStat) data showed.

The exports-to-imports coverage ratio decreased to 57.6% this January, versus 63% a year earlier.

Excluding energy products and non-monetary gold, Türkiye posted a foreign trade surplus of $1.8 last month.

The top export destination was Germany which received $1.8 billion worth of Turkish exports. It was followed by the US with $1.2 billion, Russia with $1 billion, the UK with $954 million, and Italy with $916 million.

On the other side of the ledger, top source of imports last month was Russia with $5 billion, followed by Switzerland with $4.3 billion, China with $3.6 billion, Germany with $1.8 billion, and the US with $1.2 billion.