Turkey's foreign trade deficit falls 67.4% in Q1

By Tuba Sahin

ANKARA (AA) - Turkey's foreign trade deficit in the first quarter of this year fell 67.4% year-on-year, the country's statistical authority announced on Tuesday.

The figure totaled some $6.8 billion from January to March, improving from a $20.7 billion deficit in same period last year, according to TurkStat.

Turkish exports rose to $42.2 billion -- up 2.7% on a yearly basis -- while imports slipped to $49 billion, down 20.8%.

The exports-to-imports coverage ratio rose to 86.2% in the first three months of this year, up significantly from 66.5% in the same period last year.