FOREIGN TRADE DEFICIT JUMPS 235% IN JANUARY

The foreign trade deficit jumped 234.9% to USD 10.3bn in January, compared to the same month last year, according to preliminary data released by the Ministry of Trade and the Turkish Statistical Institute (TurkStat). The export-import coverage ratio fell from 83.0% to 63.2% in January, year over year. Exports rose by 17.2% to USD 17.58bn, while imports climbed by 54.2% to USD 27.84bn in January, compared to the same month last year. The share of exports sent to Turkey’s top five export destinations generated 32.4% of the country’s total exports while imports from the top five countries represented 40.3% of total imports last month. Seasonally- and calendar-adjusted exports dropped by 4.9% while imports surged by 10.0% in January, as compared to December 2021.