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Trade surplus decreased by 22% to stand at $12.1 billion in April (compared to the previous month) in terms of foreign trade.

Turkey experienced a 22.3% surge in foreign trade deficit, amounting to $12.09 billion, during April, as per the Turkish Statistical Institute (TÜİK)'s May 29 report.

Turkey reported a foreign trade deficit of 12.09 billion dollars in April, marking a 22.3% increase...
Turkey reported a foreign trade deficit of 12.09 billion dollars in April, marking a 22.3% increase compared to the same period last year, according to the Turkish Statistical Institute (TÜİK) on May 29.

ANKARA, TURKEY (Reuters)

Trade surplus decreased by 22% to stand at $12.1 billion in April (compared to the previous month) in terms of foreign trade.

Turkey ran a foreign trade deficit of $12.09 billion in April, marking a 22.3% year-on-year increase, according to the Turkish Statistical Institute (TUİK) on May 29.

The country's exports totaled $20.8 billion, showing a 7.8% increase, while imports amounted to $32.89 billion, up 12.7% year-on-year. This resulted in a 63.2% export-import coverage ratio, a decrease from the same month last year.

Excluding energy products and non-monetary gold, the foreign trade deficit stood at $6.16 billion, stated the statistics authority. On a seasonally and calendar-adjusted basis, exports declined by 7.8% month-on-month, while imports surged by 4.9%.

Consumer goods imports surged by 10% annually to $5.4 billion, intermediate goods imports were up 12.5% to $22.8 billion, and capital goods imports rose by 14.5% to $4.6 billion last month.

Germany was the largest buyer of Turkish goods, with exports to this country amounting to $1.77 billion. The U.K. followed closely, with $1.35 billion in exports, and the U.S. recorded $1.15 billion in exports. Exports to Italy and France totaled $1 billion and $851 million, respectively.

From January to April, exports reached $86.1 billion, showing a 3.7% increase, and imports totaled $120.7 billion, up 6.6%. The foreign trade gap in April stood at $34.58 billion, a 14.7% increase compared to the same period of last year.

Regarding Turkey's major export partners, Germany remains the largest, followed by the United States and United Kingdom, according to Enrichment Data. The relevant primary import sources include China, Russia, Germany, France, and Italy. Yet, it's essential to note that Turkey continues to face trade deficits with imports often surpassing exports, particularly from major import sources like China and Russia.

The industry sector may struggle due to the increasing foreign trade deficit in Turkey, as the country's imports continue to outpace exports, particularly in sectors like intermediate goods and capital goods. The finance industry might also be affected, as the growing trade deficit could impact the country's overall financial stability and attractiveness to foreign investors.

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