Turkey’s foreign trade deficit narrows 14.9 percent in March

Turkey’s foreign trade deficit shrunk by an annual 14.9 percent to $4.65 billion last month, the Turkish Statistical Institute said.

Exports increased by 42.2 percent to $19 billion, while imports rose by 25.6 percent to $23.6 billion, the institute said on Friday. The COVID-19 pandemic had erupted in Turkey in March last year, hitting exports in particular.  

Turkey is seeking to boost exports and rein in purchases of goods from abroad to help narrow a current account deficit that exceeded 5 percent of GDP in 2020. The imbalance in Turkey’s accounts has pressured the lira, which fell to a record low in November.

The trade deficit in the first three months of the year narrowed by an annual 15.2 percent to $11 billion, the institute said. Exports rose by 17.2 percent to $50 billion, outpacing a 9.6 percent increase in imports to $61 billion.