04.04.2025 11:42
As the world discusses how the new U.S. tariffs will cause significant issues in global trade, a first has occurred in Turkey's foreign trade. Trade Minister Ömer Bolat announced the foreign trade data for March. Exports increased by 3.2% in March. Minister Bolat stated that the second highest export figure for March in history has been achieved.
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Trade Minister Ömer Bolat announced the foreign trade data for March in a press conference. Minister Bolat said, "In March, we achieved the second highest export figure for March in our history. 23.4 billion dollars. This is our first good news. There is a 3.2% increase."
Minister Bolat commented on the new customs duties of the USA, stating, "We will discuss additional customs duties during our visit to the USA in mid-May. We have prepared to increase our exports."
Minister Bolat's statements are as follows:
The decline in inflation will accelerate somewhat. With the easing of rigidities in the services sector, the targets for inflation will be successful. Trade wars continue to rage in the outside world. The growth forecast for global trade is 3%. On April 2, the Trump administration decided to impose an additional 10% customs duty on all countries in the new customs tariff of the USA. Turkey was among the countries subjected to the 10% duty. Additionally, much higher additional customs duties were imposed on countries in the Far East. We will discuss these issues during our visit to the USA in mid-May regarding the tax applied to Turkey. The Trump administration has stated that it is open to negotiations. There will be a turbulent period regarding the taxes announced to other countries in the coming year. To increase our mutual trade, we have decided to accelerate our efforts as TİM, DEİK, and other business world teams. We will strive to turn this new period into an advantageous situation. At the same time, we will take precautions against the pressures from other countries in our export markets and the Turkish market.
HISTORICAL PEAK IN EXPORTS
In March, we achieved the second highest export figure for March in our history. 23.4 billion dollars. This is our first good news. There is a 3.2% increase. This is the 5th highest export in the history of the Republic in our monthly exports. We have broken the monthly export record in 13 out of the last 22 months. In the last 12 months, we reached the highest figure in the history of the Republic, reaching 263.4 billion dollars in goods exports. This means a 2.1% increase annually.
Two days before the holiday, on March 28, a daily export of 2 billion 65 million dollars was made. If there had been 35 million dollars more, we would have reached the highest daily export figure.
"NO SIGNIFICANT INCREASE IN OUR IMPORTS"
There is a 4.6% increase in our imports, with imports amounting to 30.7 billion dollars. Last March, it was 30 billion dollars. The most important reason for this is the increase in the quantity and value of our natural gas and LNG imports. The import, which was 1.4 billion dollars last year, has become 2.9 billion dollars this year. When we exclude energy and gold imports, there is no significant increase in our imports. There is a 0.9% increase.
The foreign trade deficit for March was 7.3 billion dollars. It was also 7.3 billion dollars last year. When we exclude gold and energy, there is a 23% decline in foreign trade. The ratio of exports to imports is 76.3%.
In the first three months, there is a 2.5% increase in our exports. We achieved an increase of 1 billion 650 million dollars. There is a 3.9 billion dollar increase in our imports. The increase rate there is 4.6%.
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