Turkey's exports have seen a 4% year-on-year decline in the January-March period to reach $42.7 billion (TL 298 billion), while imports were up 10.3% to $55.6 billion, the national statistical body announced Thursday.
The country's foreign trade deficit surged by 117% in the first three months of the year, according to the Turkish Statistical Institute (TurkStat) data. "In January-March 2020 period, the foreign trade deficit was $12.9 billion with a 117.3% increase compared with the same period last year," a statement by the institute said.
In the same period, the exports-to-imports coverage ratio dropped to 76.8%, down from 88.2% in the first quarter of last year.
In March, exports came in at $13.4 billion, a 17.8% year-on-year decrease, while imports reached $18.8 billion with a 3.1% year-on-year increase.
In the month, according to economic activities, the ratios of manufacturing industries products, agriculture, forestry and fishing, mining and quarrying in total exports were 94.7%, 3.3% and 1.5%, respectively.
Also in March, the proportion of intermediate goods, capital goods and consumption goods in total imports was 75.3%, 13.6% and 11.0%, respectively.
Last month, Germany remained Turkey's largest export destination, with exports totaling $1.2 billion.
The U.S., the U.K. and Italy were other largest export destinations with $880 million, $801 million and $541 million, respectively.
Germany was also the main source of Turkey's imports last month with $1.9 billion, followed by China ($1.4 billion), the U.S. ($1.4 billion) and Russia ($1.3 billion).
Foreign trade statistics are calculated using two different methods: the special and the general trade systems.
The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation areas and premises for inward processing.
According to the special trade system, exports were $12.6 billion in March 2020, and imports were $17.9 billion.
The exports-to-imports coverage ratio was 70.6%, while it was 87.7% in March 2019.
Meanwhile, the country's exports decreased by 4.2 % to reach $40.4 billion in the first three months of 2020, while imports increased by 9.1% to reach $53.4 billion on a yearly basis.
In January-March 2020 period, the foreign trade deficit was $13.6 billion with a 91.7% increase compared with the same period last year.
