Turkey’s exports increased by 3.2% to $23.4 billion in March, reaching the second highest March export in history. The foreign trade deficit stood at $7.3 billion.

Minister of Trade, Ömer Bolat, announced the foreign trade data for March. According to the figures disclosed by Minister Bolat, exports in March rose by 3.2% to $23.4 billion, marking the second highest March export in history. Imports in March increased by 2.3% to $30.7 billion. The annual foreign trade deficit decreased by 0.5% year-on-year to $7.3 billion.

The export-to-import ratio in March reached 76.3%, showing an increase of 0.7 points compared to the same month last year. Bolat stated that the largest contribution to the increase in imports in March came from natural gas and LNG. In the period of January-March, exports increased by 2.5% to reach $65.3 billion.

Regarding the new customs duties imposed by the US, Minister Bolat mentioned that they will discuss additional customs duties during their visit to the US in mid-May. He stated, “We are prepared to increase our exports.” Bolat also announced that they will travel to the UK in the first week of May to discuss expanding the free trade agreement to the services sector and certain agricultural products with the new Minister of Trade.