Türkiye’s foreign trade data revealed a striking picture in February. According to data released by the Turkish Statistical Institute (TÜİK), the country’s exports decreased by 4.3% in February compared to the same month of the previous year, falling to $17.5 billion. Experts attribute the decline in exports to fluctuations in global markets, weak demand in some sectors, and disruptions in the supply chain.
Imports, on the other hand, increased by 9.1% in the same period, rising to $23.3 billion. The biggest factors in the increase in imports are the rise in energy and raw material prices, and the increase in oil and natural gas imports, which hold a significant place in Türkiye’s foreign trade.
Furthermore, high demand for some essential products necessary for industrial production also contributed to the increase in imports.
As a result of these developments, Türkiye’s foreign trade deficit reached $5.8 billion in February. This increase in the foreign trade deficit is being closely monitored by economists. It is stated that the foreign trade imbalance could put pressure on the current account deficit, and this could negatively impact Türkiye’s economic goals in the long term.
Economists point out that more domestic production and efficient use of domestic resources are needed to reduce the foreign trade deficit. It is stated that Türkiye can overcome this problem by producing more value-added products and developing new strategies that can be competitive in world markets. Furthermore, the importance of policies that will support domestic producers in order to control imports is emphasized.
The decline in exports and the increase in imports experienced in February led to imbalances in Türkiye’s foreign trade, and these developments may have effects on the overall balance of the economy in the medium and long term. Increasing exports and sustainably controlling imports are critical to achieving economic growth targets. It is evident that Türkiye’s foreign trade policy needs to be reshaped and domestic production needs to be encouraged. These steps will play an important role in narrowing the foreign trade deficit and ensuring Turkey’s economic stability.
Source: Dunyagazetesi
