Foreign trade deficit increased to 12.2 billion dollars in February

The Ministry of Commerce announced the foreign trade data for February 2023.

Exports decreased 6.4 percent in February compared to the same month of the previous year and fell to 18.6 billion dollars. Imports, on the other hand, rose 10.6 percent on-year to $30.8 billion.

The foreign trade deficit, on the other hand, rose 52.8 percent on-year to $12.2 billion in February.

1.5 BILLION DOLLARS LOSS DUE TO THE EARTHQUAKE

In the communiqué of the Ministry of Commerce it was indicated that there was a direct downward effect of 1,500 million dollars in exports in February due to the earthquake.

“The earthquake disaster in 11 provinces, which constitute 8.6 percent of our country’s total exports, had a downward effect on our exports.

In February 2023, our exports decreased 6.4 percent compared to the same month of the previous year and amounted to 18.6 billion dollars. Although our imports in February amounted to 30.8 billion dollars, 22 percent of this figure is due to energy imports.

$529.2 MILLION PARITY LOSS

In February, the pair also had a downward effect on exports.

The ministry statement said:

“Compared to the same period of the previous year, the relatively weak evolution of external demand and the low euro-dollar parity also affected our exports downwards. Due to parity, our exports were 529.2 million dollars less in February 2023”. (DHA, SOZCU.COM.TR)