Türkiye's trade gap comes in at $12.1B in February

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31.Mar .2023 22:00

Türkiye's trade gap comes in at $12.1B in February

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Türkiye's trade deficit expanded by 51.4% from a year earlier to $12.1 billion in February, according to official data released on Friday.

The country's exports fell 6.4% year-on-year to $18.6 billion in January, while imports increased 10.1% to $30.7 billion, the Turkish Statistical Institute (TurkStat) said.

The exports-to-imports coverage ratio decreased to 60.7% this February, versus 71.4% in Febraury 2022.

Excluding energy products and non-monetary gold, Türkiye saw a foreign trade deficit of $2.5 billion last month.

Türkiye's largest outbound shipments were to Germany with a worth of $1.7 billion.

It was followed by Italy with $1.12 billion, the US $1.09 billion, Russia $1.01 billion, and the UK $851 million.

On the other side of the ledger, the largest amount of outbound shipments were made from Russia with $4.2 billion, followed by Switzerland $3.5 billion, China $3.1 billion, Germany $2.08 billion, and Italy $1.16 billion.