Turkey foreign trade gap narrows 31.9 percent to $3.12 billion in April

Turkey’s foreign trade deficit declined by an annual 31.9 percent to $3.12 billion in April as exports more than doubled, the Trade Ministry said on Monday.

The COVID-19 pandemic pummelled foreign trade in April last year, causing a 41.4 percent slump in exports and a 25 percent decline in imports.

Last month, exports rose by 109 percent annually to $18.8 billion, while imports climbed by 61.4 percent to $21.9 billion, according to the preliminary data. Overall trade increased by 80.4 percent.

Turkey is seeking to boost exports to narrow its current account deficit, which reached more than 5 percent of GDP last year, and help its economy grow even as the pandemic hits consumer demand. Last week, the government said all non-essential businesses would close until May 17 as part of stricter lockdown measures. The companies affected do not include manufacturers.

Exports covered 85.7 percent of imports in April compared with 66.2 percent in the same month of 2020, the ministry said.

In the first four months of the year, the trade deficit narrowed by an annual 19.5 percent to $14.2 billion. Exports climbed by 33.1 percent to $68.8 billion, while imports increased by 19.8 percent to $82.9 billion.