Turkish exports hit $22.7B in March as energy costs push deficit
The Cosco Shipping Seine container ship of the China Ocean Shipping Company (COSCO) sails in the Bosporus on its way to the Black Sea, Istanbul, Turkey, March 3, 2022. (Reuters Photo)


Turkey’s exports have increased by 19.8% year-over-year in March to reach $22.7 billion (TL 334 billion), the nation's trade minister announced Monday.

Trade Minister Mehmet Muş said the export figure hit an all-time high for the month of March.

The country's imports in March amounted to $30.9 billion, with $8.4 billion of this amount coming from energy imports, he noted.

The country's energy imports on a value basis increased by 156% year-over-year in March due to the sharply increased energy prices in the recent period, the minister said.

In March, when energy imports increased by 156% to $8.4 billion, the foreign trade deficit rose up by 77% to $8.2 billion.

The trade minister emphasized that energy prices were effective in the rise in imports and that the export-import coverage ratio was 73.4% in March, while it was 95% excluding energy imports.

"Oil and natural gas increases were effective in the increase in imports in the January-March period. Global commodity prices rose 41.8% while the Brent oil, which was $76 (barrel price) in January, rose by 70.2% to $130," he explained.

Muş said the European natural gas price rose 113% in two months.

"This situation is also reflected in energy imports. In March, our energy imports increased by 156% and reached the level of $8.4 billion. In the January-March period, it increased by 118%. We paid an energy bill of $25 billion in the first three months. In the January-March period, some $16.3 billion of the total $25.7 billion of imports resulted from the price increase in energy, especially natural gas and crude oil," the minister said.

The foreign trade deficit was up 138.4% to $26.4 billion in the three months.

Germany takes lion’s share

Muş, meanwhile, said Turkey's exports in the last 12 months reached $235.6 billion, describing it as a positive sign for the year-end target of $250 billion.

According to a press release issued by the Trade Ministry on Monday, the main destination for Turkish exports in March was Germany with $1.9 billion, up 13.7% year-on-year.

The United States followed Germany with $1.56 billion, increasing 25.6% from March 2021, and Italy with $1.27 billion, up 30.5%.

The EU's share in Turkey's exports was $9.97 billion in March, the ministry said.

Among sectors, the manufacturing industry got the lion's share with 94.9%. Agriculture-forestry-aquaculture with 3.1% and mining-quarrying with 1.5% followed it.

The main import sources were Russia at $4.1 billion, China at $3.6 billion and Germany at $2.24 billion in March 2022.

In the first quarter of this year, Turkey's exports soared 20.8% to $60.3 billion and imports rose 42.1% to $86.68 billion.

The trade minister went on to say that in addition to the increase in exports, industrial production and capacity utilization rates have reached 80% in exporting sectors.