Turkey’s Foreign Trade Deficit Shrinks 12.4% in March

Turkey’s foreign trade deficit declined 12.4% in March compared to the previous year, reaching $7.3 billion, according to official data released on Tuesday. The Turkish Statistical Institute reported a significant drop in the deficit for the January-March period, falling 41.5% from $34.79 billion to $20.34 billion.

In March, the country’s exports fell 4.1% to $22.57 billion, while imports decreased by 6.3% to $29.9 billion. The improvement in Turkey’s trade deficit has been continuous for the past eight months, stated Turkish Treasury and Finance Minister Mehmet Şimşek.

Şimşek noted on X (formerly Twitter) that changes in global supply chains, increased competition, and fragmentation in trade due to the COVID-19 pandemic have enhanced the tendency to source goods from nearby and friendly nations. “With its strategic location, Turkey is one of the countries most positively affected by these trends. We will further strengthen our position in global trade with structural reforms that will increase productivity,” he said.