Turkey’s Exports Reached Over $15B in March, Economy Minister says

Exports from Turkey was recorded to be in the total value of $15.1 billion for the month of March, according to economy minister, Nihat Zeybekci, on a CNN televised interview on Sunday

The nation’s exports soared by 11.5 percent year-on-year in March which has surpassed the recorded value of $15 billion for the first time, based on the reports on Turkish Exporters’ Assembly (TIM). It has attained the highest recorded value of $15.1 billion exports. Moreover, it was mentioned that exports grew by 10.5 percent close to $160 billion in the past 12 months.

Meanwhile, data from Turkey’s official statistics institute manifested growth to $13.18 billion in February. At the same time, the trade deficit of the nation has expanded by 54.2 percent year-on-year to $5.76 billion.

The goal is to exceed the value of $170 billion exports at the end of the year, as stated by the TIM President, Mehmet Buyukeksi.

Also, tourism is anticipated to gain around $51 to 52 billion this year from the estimated value of $26 billion in 2017, he added.  

This reflects that tourism as the main source of funding to lessen the present account deficit is recovering from a sharp downturn due to diplomatic disagreements, bomb attacks, and a failed coup.

Foreign imports rose more than 27 percent last year with the equivalent value of 32.4 million that has largely improved Russian tourists after Turkey has appeased conflict with Moscow due to security problems and discounts offered by the sector to gain more buyers.