The foreign trade deficit dropped by 32.8% to USD 3.03bn in January, compared to the same month of the previous year, according to the Turkish Statistical Institute. The export/import coverage ratio increased to 83.2%, from 76.5% in this period. Exports, meanwhile, increased by 2.3% to USD 15.04bn while imports dropped by 5.9% to USD 18.07bn in this period, according to the general trade system. The share of exports to the top five export destinations generated 31.9% of the country’s total exports, while imports from the top five created 39.1% of the country’s total imports in January.
Seasonally- and calendar-adjusted exports increased by 1.6% while imports declined by 2.7% in January, compared to the previous month.