Trade minister says Turkey’s foreign trade gap shrank 32% on annual basis, exceeding $3B in January
Surpassing $15 billion last month, Turkey’s exports hit the highest January figure of the country’s history, the trade minister said on Tuesday.
Turkey’s exports in January rose 2.5% year-on-year, Ruhsar Pekcan said at a meeting in the capital Ankara where she revealed preliminary Trade Ministry data.
On the imports, she said they amounted to $18.1 billion in January, dropping 5.6% from the same month last year.
With fall in imports while exports went up, the foreign trade deficit shrank 32% on an annual basis to over $3 billion in January, Pekcan underlined.
The export to import coverage ratio rose 6.5 percentage points from last January to 83% in January 2021, Pekcan said.
“We see January figures as an important and successful performance amid the ongoing uncertainty in the global economy, restrictions imposed by our trading partners due to the second wave of the coronavirus, and supply constraints such as delays in delivery times and increases in logistics costs,” Pekcan said.
Touching on the goals for this year, she said Turkey is optimistic about achieving the export target of $184 billion this year, depending on the COVID-19 pandemic.
The government will accelerate its efforts to boost e-commerce, focusing on target countries and export-friendly incentives this year, she said.
The minister also stated that the Turk Eximbank provided financing both loans and insurance worth $45.6 billion in 2020, up 3.6% from the previous year.
Ismail Gulle, head of the Turkish Exporters’ Assembly (TIM), said jewelry, air conditioning, and fresh fruits and vegetables sector posted the strongest performance last month.
Automotive industry continues to be the leading sector with exports worth $2.3 billion in January, followed by chemical products with $1.7 billion and ready-made garments and apparel with $1.5 billion, he added.
Germany, the EU’s largest economy, was the country that received Turkish goods most in January, which was worth $1.5 billion. The US followed it with imports worth $933 million.