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Financial News: Turkey Trade Deficit Narrows In January

Turkey Trade Deficit Narrows In January

02/28/2024 - 07:25:00 (RTTNews)

(RTTNews) - Turkey's foreign trade gap decreased in January from the previous year as exports rose amid a slump in imports, the Turkish Statistical Institute said on Wednesday.

The trade deficit dropped notably to $6.2 billion in January from $14.3 billion a year ago. In December, the trade deficit was $6.1 billion.

Exports rose 3.5 percent annually in January, while imports declined sharply by 22.0 percent.

In January, the main partner country for exports was Germany, followed by the USA, Iraq, the UK, and Italy.

Excluding energy products and non-monetary gold, the foreign trade shortfall was $68 million in January.

On a seasonally and calendar-adjusted basis, both exports and imports decreased by 5.1 percent and 4.8 percent, respectively, from a month ago.

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