Exports increase nearly 6 pct to reach $21.2 billion: Ministry

Exports increase nearly 6 pct to reach $21.2 billion: Ministry

ISTANBUL
Exports increase nearly 6 pct to reach $21.2 billion: Ministry

Türkiye’s exports increased by 5.8 percent year-on-year to reach $21.16 billion in January, the Trade Ministry has said.

Imports rose 10.2 percent to $28.85 billion, leading to a foreign trade deficit of $7.7 billion, up 24.2 percent from a year ago.

Germany was the largest export market last month with shipments to this country amounting to $1.78 billion. The U.S. and the U.K. ranked second and third at $1.4 billion and $1.2 billion, respectively.

Exports to the United Arab Emirates and Iraq were $1.07 billion and $980 million, respectively.

The automotive sector was the largest exporter last month at $2.5 billion.

Imports from Russia stood at $4.2 billion last month, according to the ministry data on Feb. 3.

Türkiye imported $4.08 billion worth of merchandise from China in January, while imports from the U.S. amounted to $1.3 billion.

Intermediate goods imports rose 9.5 percent annually to $20.8 billion. Consumer goods imports plunged 28 percent to $4.23 billion and capital goods imports declined 2.3 percent to $3.6 billion.

The export/import coverage ratio fell 3 points from January 2024 to 73.4 percent. Excluding energy and gold trade, the coverage ratio was 93.2 percent in January, down from 99.6 percent in the same month of last year.

The 12-month exports, covering the February 2024 and January 2025 period, exceeded $263 billion in January, while imports amounted to $347 billion, the ministry said.

The foreign trade posted a deficit of $83.66 billion in this period.