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26-04-23

Turkey's Exports Surge 54.3 Percent in Q1 2023, Led by Germany, US, Italy

(MENAFN) Turkey's exports surged 54.3 percent on a country basis in the first quarter of this year, with the largest outbound shipments being to Germany with a worth of USD4.9 billion. The United States followed with USD2.97 billion worth of Turkish exports in January-March, according to data compiled by Anadolu from the Turkish Exporters Assembly (TIM). The third largest export destination was Italy with USD2.9 billion, followed by the UK with USD2.76 billion, France and Russia both with USD2.48 billion, and Spain with USD2.43 billion. The significant increase in exports is an encouraging sign for Turkey's economy, which has been impacted by the COVID-19 pandemic.

Turkey's exports amounted to USD61.6 billion in January-March, a rise of 2.5 percent from the same period last year. The growth in exports is attributed to the country's diversified export markets and a recovery in global demand. Exports to 13 countries exceeded USD1 billion in the first quarter, highlighting Turkey's strong export capabilities and competitiveness in the global market.

Turkish exports to Saudi Arabia were particularly noteworthy, skyrocketing by 755 percent year-on-year, hitting USD611.8 million in the three months to March. This increase is attributed to the uptick in demand for Turkish goods in the Saudi market, reflecting the strong economic ties between the two countries.

The growth in Turkey's exports is expected to continue in the coming months, driven by increased demand for Turkish products in key markets. The country's export-oriented economy is a critical driver of growth, and the recent surge in exports is a positive sign for Turkey's economic recovery. The government has implemented various measures to support the export sector, including financial incentives and trade agreements with key partners. These efforts are expected to further boost Turkey's export potential and contribute to its overall economic growth.

Overall, the significant increase in Turkey's exports in the first quarter of 2021 is a positive sign for the country's economy, demonstrating its resilience and competitiveness in the global market. The growth in exports is expected to continue, further supporting Turkey's economic recovery and contributing to its long-term growth prospects.

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