Türkiye's foreign trade deficit down over 56% to $6.3B in January

By Gokhan Ergocun

ISTANBUL (AA) - Türkiye's foreign trade deficit went down by 56.4% to $6.3 billion in January 2024, from $14.29 billion in the same month last year, official figures showed on Wednesday.

The Turkish Statistical Institute (TurkStat) revealed that the country's exports rose by 3.5% to $19.99 billion, while its imports dropped by 22% to $26.22 billion last year.

The main destination for Turkish exports was Germany with $1.76 billion, while Russia was the biggest source of imports with $4.32 billion.

The share of manufacturing industries products in overall exports was 93.6%.

Exports of high-tech products in manufacturing industries were up by 16% to $18.59 billion and that of medium-high-tech rose by 1.5% to $6.77 billion year-on-year in January.