Turkey’s exports and imports increased in January, according to provisional data released on Monday.
Exports rose 17.2% to $17.59 billion in January, compared with the same month last year. Imports increased 54.2% year-on-year to reach $27.85 billion last month, the data revealed by the Turkish Statistical Institute (TurkStat) and the Trade Ministry showed.
"Exports, excluding energy products and non-monetary gold, were $16.75 billion with a 19.6% increase in January 2022. Imports, excluding energy products and non-monetary gold, were $18.41 billion with a 31.1% increase in January 2022," TurkStat said in a statement.
"Foreign trade deficit, excluding energy products and non-monetary gold, was $1.66 billion in January 2022," it added.
Foreign trade volume was $35.16 billion with a 25.4% increase.
In January 2022, foreign trade deficit was $10.26 billion with a 234.9% increase compared with January 2021, it said.
When total economic activities are analyzed, the share of the manufacturing industry in exports in January was 93.3%, the share of the agriculture, forestry and fisheries sector was 4.1% and the share of the mining and quarrying sector was 2.1%.
According to the broad economic groups classification, the share of intermediate goods in imports was 83.9%, the share of capital goods was 10% and the share of consumer goods was 6.1%.
Germany took the lion’s share in the exports made in January with $1.6 billion in foreign sales.
Germany was followed by the United States with $1.2 billion, Italy with $1.2 billion, the United Kingdom with $948 million and Iraq with $883 million. Exports to the first five countries accounted for 32.4% of total exports.
Russia ranked first in imports last month with $4.6 billion in January.
Russia was followed by China with $3.9 billion, Germany with $1.4 billion, the U.S. with $1.2 billion and Italy with $769 million. Imports from the top five countries constituted 40.3% of total imports.
