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06-04-23
Turkish Exports Rise Despite Earthquake, Imports, Trade Deficit Increase
(MENAFN) According to Turkey's Minister of Trade, Mehmet Mus, Turkish exports increased by 4.4 percent year-on-year in March to reach USD23.6 billion, despite the repercussions of an earthquake that struck 11 provinces the previous month. The affected regions were responsible for 8.6 percent of Turkey's exports in 2022. Mus added that imports also increased by 4.2 percent year-on-year in March to USD32.2 billion, with overall commerce volume rising by 4.3 percent to USD55.7 billion. However, the country's global trade imbalance increased by 3.7 percent as record exports struggled to balance soaring gold and vehicle imports. Purchases of gold surged by 63 percent to USD1.7 billion, leading to a trade deficit increase of 31.5 percent to USD34.9 billion in the first quarter of 2023 from the previous year.
Despite the trade deficit increase, Turkey's exports rose by 2.5 percent to USD61.6 billion in the first quarter of 2023 compared to the same period in 2022. The trade gap increased to USD8.57 billion from USD8.27 billion in the same period last year, with Mus noting higher demand for automobiles as the worldwide semiconductor shortage eases. Mus expects the impact of the earthquake on production and exports to wane further in the coming months.
According to the Turkish Exporters Assembly (TIM), March's energy imports totaled USD6 billion, down 28.6 percent from the same month last year. Rolling 12-month energy imports came to USD93.1 billion, a decrease of nearly USD2.4 billion from the previous month. TIM also reported that Germany accounted for USD2 billion of Turkey's exports in March, followed by the US for USD1.38 billion and Italy for USD1.19 billion.
In March, Russia was the top import destination for Turkey, with imports totaling USD3.99 billion, followed by China at USD3.78 billion and Germany at USD2.69 billion. The EU's total imports from Turkey were USD9.76 billion, while its exports to Turkey totaled USD10.12 billion. Despite the challenges posed by natural disasters and import imbalances, Turkey's export industry has shown resilience, with continued growth and a diverse range of export markets.
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