Turkey's foreign trade deficit decreases by 42 percent in one year

Turkey's exports increased by 13.6 percent annually to $21.86 billion in February. Trade Minister Ömer Bolat said that the foreign trade deficit also decreased by 42.3 percent in a year to seven billion dollars.

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Trade Minister Ömer Bolat announced that Turkey's exports increased by 13.6 percent in February compared to the same month of last year and reached 21.86 billion dollars, the highest February export value in the history of the republic.

At the same period, imports fell by 8.5 percent to 28.87 billion dollars.

Minister Bolat noted that the foreign trade deficit also saw a notable decrease, declining by 48 percent in January to 6.2 billion dollars and further dropping by 42.3 percent in February to seven billion dollars.

During this period, the ratio of exports to imports increased by 14.6 points to 75.1 percent.

Treasury and Finance Minister Mehmet Şimşek stated that the annual improvement in the foreign trade deficit in January and February reached a total of 13.2 billion dollars and said, "The balancing in the economy continues."

Şimşek noted, “We expect a positive contribution to growth from net exports in the first quarter.”