Turkey's exports with $44.5 billion hit all-time high in Q1

Turkey's exports with $44.5 billion hit all-time high in Q1

ANKARA – Anadolu Agency
Turkeys exports with $44.5 billion hit all-time high in Q1

Turkey's exports hit highest-ever January-March figure with $44.5 billion, the country's trade minister announced on April 4.

According to the general trade system, Ruhsar Pekcan said exports in the first quarter of 2019 surged 3.34 percent year-on-year.

Over the same period, Turkey's imports amounted to $50.5 billion with an annual decline of 21.46 percent.

In the three-month period, the exports-to-imports coverage ratio stood at 88.2 percent.

Foreign trade deficit shrank 67 percent in March
Foreign trade deficit shrank 67 percent in March

Pekcan also said Turkey's exports rose by 0.5 percent on a yearly basis to $16.3 billion in March.

"Imports in March fall 17.8 percent year-on-year to $18.3 billion, according to general trade system," she said.

The minister noted that the country's foreign trade balance in March posted a deficit of $1.96 billion, improving from $6 billion deficit a year ago.

In the calculation of foreign trade statistics, two different methods are used - the special trade system and the general trade system.

Calculations based on the special trade system do not include free zones and customs warehouses.

The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation area and premises for inward processing.

Through the end of every month, Turkey's statistical authority released the final foreign trade figures for the previous month, as the ministry of trade announces preliminary general trade system data in the first week of every month.

Turkish economy, Exports, 2019, first quarter