The new year in foreign trade started with a record deficit

In January, the foreign trade deficit reached a new record level, rising by 38.4% compared to the same month of the previous year to $14.24 billion, according to data from the Turkish Statistical Institute (TUIK). In January, exports increased by 10.3% to $19.4 billion, while imports increased by 20.7% to $33.6 billion compared to the same month of the previous year. The export-to-import coverage ratio declined from 63% in January 2022 to 57.6% in January 2023. The Ministry of Trade’s provisional data recorded the foreign trade deficit at $14.4 billion in January. Exports excluding energy products and gold increased by 8.4%, while imports excluding energy products and non-monetary gold increased by 8.1% in January. The foreign trade volume increased by 8.2% to $38 billion in January, while the coverage ratio for exports excluding energy products and gold was 91%.