Exports increased nearly 20 percent to $22.7 billion in March

Exports increased nearly 20 percent to $22.7 billion in March

Exports increased nearly 20 percent to $22.7 billion in March

Turkey’s exports rose by 19.8 percent on an annual basis to climb to $22.7 billion in March, data from the Trade Ministry have shown.

This marked an all-time high export figure for the month of March, Trade Minister Mehmet Muş said, adding that in January and February record monthly export levels were recorded. “Third time in a row, we achieved those record numbers,” Muş tweeted.

Germany purchased $1.9 billion worth of goods from Turkey in March, making it the largest market for local companies.

Exports to the U.S. and Italy amounted to $1.6 billion and $1.3 billion, respectively.

The Trade Ministry data also showed that shipments to the U.K. amounted to $1.17 billion, while Iraq ranked fourth as exports to this country stood at $1.16 billion in March.

The share of the top 10 export markets in Turkey’s total exports was 49.4 percent.

Exports to the EU grew by 27 percent on an annual basis to $9.98 billion.

Turkey’s intermediate goods shipments to other countries were $12.2 billion, marking a strong 32.3 percent increase from a year earlier, while the rise in consumer goods exports was 6.2 percent to $7.8 billion in March.

In the month, Turkey’s imports hit $30.9 billion, increasing from $23.6 billion in March 2021.

The country’s energy import bill increased by 156 percent on an annual basis to $8.4 billion, the minister said.

“This increase was due to the developments in global markets. When the energy imports were excluded, Turkey’s total imports were $22.5 billion,” he said.

The minister furthered that the country’s energy imports also grew 188 percent to $25 billion in the first three months of 2022.

The export-import coverage ratio was 73.4 percent in March, but when the energy imports are excluded, the coverage ratio was 95 percent, Muş said.

In January-March, exports increased nearly 21 percent on an annual basis to $60.3 billion, while imports grew 42 percent to $86.7 billion, producing a foreign trade deficit of $26.4 billion. In the same period of 2021, the foreign trade gas was $11 billion.

Muş pointed out that the $25.7 billion increase in imports in January-March this year from a year ago was due to the $16.3 billion rise in energy imports, particularly natural gas and crude oil imports.

“Taking all those figures into account, we can say that Turkey’s export performance was strong. Turkey’s 12-month exports amounted to $235.6 billion, and we are moving toward meeting the $250 billion export target set for 2022,” Muş said.