According to the Turkish Statistical Institute, provisional data showed a 4.1% decrease in exports to $22.57 billion and a 6.3% decrease in imports to $29.91 billion.
However, there were some positive signs when looking at the first quarter of 2024. Compared to the January-March period in 2023, exports rose slightly by 3.6% to $63.6 billion, while imports decreased more significantly by 12.8% to $83.9 billion.
Excluding energy products and non-monetary gold, the picture changes slightly. Exports in this category fell by 5.1% in March to $20.79 billion, while imports dropped by 6.7% to $22.81 billion. This resulted in a narrower trade deficit of $2.01 billion for the month.
Germany maintained its position as Türkiye's leading export partner in both March and the first quarter, with export volumes of $1.75 billion and $5.23 billion respectively. The United States, Italy, Iraq, and the United Kingdom rounded out the top five export destinations for both periods.
China was Turkey's primary import source in March, with a value of $3.9 billion. Russia took the top spot for the January-March quarter at $12 billion, followed by China, Germany, Italy, and the United States.
The ratio of exports to imports, also known as export coverage, improved in March to 75.5% compared to 73.8% in the same month last year. This trend continued in the first quarter, with export coverage reaching 75.8% versus 63.8% in the previous year's first quarter.
Manufactured goods continued to dominate Turkish exports, accounting for 94.6% of the total in March. High-tech products within the manufacturing sector, however, only comprised 3.3% of total exports.
The Turkish Statistical Institute also provided data based on the special trade system, which excludes free zones. This data showed similar trends to the general trade system figures. (ILKHA)