Turkish exports decreased 4 percent year-on-year in Q1 to reach $42.7 billion, while imports increased by 10.3 percent to stand at $55.6 billion.
The foreign trade deficit was $12.9 billion, increased by 117.3 percent in Q1 of the year, TurkStat said. Export coverage imports in the same period were 76.8 percent, while it was 88.2 percent in Q1 2019.
In March, exports were $13.4 billion with a 17.8 percent decrease and imports were $18.8 with a 3.1 percent increase compared with the same month in 2019.
With exports totaling $1.2 billion, Germany remained Turkey’s largest export destination last month. With $880 million, $801 million, $541 million, respectively, the US, the UK, and Italy were other largest export destinations. With $1.9 billion, Germany was also the main source of Turkey's imports last month, followed by China, the US, and Russia with $1.4 billion, $1.4 billion, and $1.3 billion, respectively.
