Turkey's foreign trade deficit at record high

According to data released by the Turkish Statistical Institute ( TUIK), Turkey's total imports of consumer goods amounted to 10.2 billion dollars in the January-March period of 2023. Thus, it was observed that imports of consumption goods hit a record on a quarterly basis.

According to the classification of broad economic groups, the share of intermediate goods in imports was 72.8 percent, the share of capital goods was 14.9 percent and the share of consumption goods was 12.2 percent in March 2023.

In the January-March period of 2023, the share of intermediate goods in imports was 76.8 percent, the share of capital goods was 12.5 percent and the share of consumption goods was 10.6 percent.

Turkey's foreign trade deficit increased by 0.9 percent in March compared to the same month of the previous year, increasing from 8 billion 267 million dollars to 8 billion 341 million dollars.

According to data released by TUIK, foreign trade deficit in the January-March period increased by 30.7 percent to 34 billion 692 million dollars.

Exports increased by 4.4 percent compared to the same month of the previous year to 23 billion 595 million dollars, while imports increased by 3.4 percent to 31 billion 936 million dollars.