This marks the highest February export value in the country's history. Imports, on the other hand, decreased by 9.2% to $27.8 billion.
The positive trend continues over the two-month period January-February 2024. Exports rose by 8.5% to $41.8 billion, while imports fell by 16% to $54.3 billion.
The trade deficit narrowed significantly, dropping by 44.2% in February compared to the same month last year. This improvement is attributed to a combination of rising exports and falling imports.
Germany remained Türkiye's top export partner in February, followed by the United States, Italy, Iraq, and the United Kingdom. Russia was the leading import source country, with China, Germany, Italy, and the USA following closely.
Encouragingly, the ratio of manufactured goods in total exports reached a high of 94% in February, showcasing the strength of Türkiye's manufacturing sector. However, the ratio of high-tech products in these exports remains modest at 2.7%, indicating room for growth in advanced technologies. (ILKHA)