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FinancialNews
02-04-23
Türkiye's Trade Deficit Expands by 51.4 percent in February
(MENAFN) Türkiye's trade deficit expanded by 51.4 percent from the previous year to USD 12.1 billion in February, according to official data released by the Turkish Statistical Institute (TurkStat) on Friday. The country's exports fell by 6.4 percent YoY to USD 18.6 billion in January, while imports increased by 10.1 percent YoY to USD 30.7 billion.
The exports-to-imports coverage ratio decreased to 60.7 percent in February 2021, compared to 71.4 percent in the same month the previous year. However, when excluding energy products and non-monetary gold, Türkiye saw a foreign trade deficit of USD 2.5 billion last month.
Türkiye's largest outbound shipments in February were to Germany with a worth of USD 1.7 billion, followed by Italy with USD 1.12 billion, the US with USD 1.09 billion, Russia with USD 1.01 billion, and the UK with USD 851 million.
On the other side of the ledger, the largest amount of outbound shipments were made from Russia with USD 4.2 billion, followed by Switzerland with USD 3.5 billion, China with USD 3.1 billion, Germany with USD 2.08 billion, and Italy with USD 1.16 billion.
The increase in imports and decrease in exports have contributed to the widening of Türkiye's trade deficit in February. This trend is concerning for the country's economy as it puts pressure on the Turkish lira and may lead to inflation. The government may need to implement measures to boost exports and reduce imports to address this issue.
MENAFN02042023000045014228ID1105928973
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