Turkish lira-based exports in first quarter of 2017 have broken the all-time record rising by a staggering 133 percent to reach $3.6 billion from last year's $1.5 billion.
According to data from the Turkish Statistical Institute (TurkStat) compiled by Anadolu Agency (AA), President Recep Tayyip Erdoğan's call last year for trade in local currency has had a profound impact on foreign trade.
As exports reached $37.9 billion in the first quarter of 2017, imports stood at $50.4 billion and the use of the Turkish lira increased by 133 percent in exports, from $1.5 billion in first quarter of 2016 to $3.6 billion this year.
In quarterly terms, on the other hand, it pointed to a record-breaking figure in Turkish lira-based exports. While 4.4 percent of $34.7 billion in exports was realized in the Turkish lira in the first quarter of 2016, the rate stood at 9.4 percent in the same period of 2017.
Comparing the first quarters of 2016 and 2017, Turkish lira-based imports also increased by 20 percent, rising from approximately $3.2 billion to $3.8 billion. While 6.8 percent - amounting to $3.17 billion - of the total $46.8 billion in imports was realized in Turkish lira in the first quarter of 2016, in the same period of 2017, $3.8 billion or around 7.5 percent of the total imports were realized in Turkish lira.
The share of Turkish lira in the country's total foreign trade volume has also increased from 5.8 percent to 8.3 percent, compared to the said periods.
