Annual data from Turkey’s top statistics authority show increasingly strained economy
Data published in March 2020 by the Turkish Statistical Institute (TÜIK) revealed an alarming situation regarding the country’s economy. It showed that within a year, the foreign trade deficit had increased by nearly 200 percent and that the country’s foreign trade deficit measures increased tenfold during that same time period.
Turkey’s trade deficit grew by 181.6 percent from March 2019. That is explained by a COVID-19-related decrease of 17.8 percent in exports. Imports, meanwhile, grew by 3.1 percent from the previous year.
As imported goods totaled 18.8 billion Turkish Liras, exports only totaled 13.4 billion, leaving a deficit of 5.4 billion liras.
The ratio of exports to imports dropped to 71.3 percent from March 2019, when this number was 89.5 percent.
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