Foreign Trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive, and this ultimately results in more competitive pricing and brings a cheaper product home to the consumer.

Foreign Trade and the accompanying financial transactions are generally conducted to provide a nation with commodities it lacks in exchange for those it produces in abundance; such transactions, functioning with other economic policies, tend to improve its standard of living. Much of the modern history of international relations concerns efforts to promote freer trade between nations. This article provides a statistical overview of the Turkish Foreign Trade in March 2022 and the leading Countries that import and Export from Turkey; the items commonly traded are consumer goods, such as television sets and clothing; capital goods, such as machinery; and raw materials and food. Foreign Trade transactions are facilitated by international financial payments, in which the private banking system and the central banks of the trading nations play important roles.

In March of 2022, compared to the same month of the previous year, exports increased by 19,8% to 22 billion 708 million dollars, and imports increased by 31% to 30 billion 948 million dollars. In the January-March period of 2022, exports increased by 20,8% to 60 billion 288 million dollars, and imports increased by 42,1% to 86 billion 681 million dollars.

Foreign Trade In March 2022, compared to the same month of the previous year;

• Exports increased by 19,8% to 22 billion 708 million dollars,
• Imports increased by 31% to 30 billion 948 million dollars,
• Foreign trade volume increased by 26% to 53 billion 656 million dollars

January-March period of 2022, Foreign Trade compared to the same month of the previous year;

• Exports increased by 20,8% to 60 billion 288 million dollars,
• Imports increased by 42,1% to 86 billion 681 million dollars,
• Foreign trade volume increased by 32,5% to 146 billion 969 million dollars

In March 2022, compared to the same month of the previous year;

• The ratio of Foreign Trade exports to imports decreased by 6,9 points to 73,4%.
• Excluding energy, the percentage of export/imports increased by 4,5 points to 95%.

Top Export Markets

• The countries Turkey exports the most in March are respectively; Germany 1 billion 904 million dollars with an increase of 13,7%, the USA 1 billion 561 million dollars with an increase of 25.6% and the United Kingdom 1 billion 276 million dollars with an increase of 30,5%.
• The share of the top 10 countries in total exports was 49,4%.
• The country groups to which Turkey exported the most in March, respectively; European Union increased by 27% to 9 billion 975 million dollars, Near and Middle Eastern Countries increased by 14,9% to 3 billion 974 million dollars, and Other European Countries decreased by 3,2% to 2 billion 434 million dollars.

In March, top exports by the BEC classification;

• Raw Materials (Intermediate Goods) increased by 32% to 12 billion 233 million.
• Consumer Goods increased by 6% to 7 billion 761 million dollars.
• Investment (Capital) Goods increased by 15% to 2 billion 615 million dollars.
• The share of exports by sectors in March, respectively; Manufacturing Industry was 94,9% (21 billion 556 million dollars), Agriculture, Forestry and Fishing industry was 3,1% (698 million dollars), Mining and Quarrying industry was 1,5% (333 million dollars).
• The share of imports by sectors in March, respectively; Manufacturing Industry was 69,6% (21 billion 542 million dollars), Mining and Quarrying sector was 23% (7 billion 133 million dollars), Agriculture, Forestry and Fisheries sector was 3,3% (1 billion 30 million dollars).

Top Imported Sources

• The countries Turkey imported the most in March were Russia, 4 billion 112 million dollars with an increase of 62,1%, China, 3 billion 617 million dollars with an increase of 28.7% and Germany, 2 billion 243 million dollars with an increase of 0,5%.
• The share of the top 10 countries in total imports was 52,4%.
• The country groups from which we imported the most in March, respectively; European Union increased by 0,1% to 8 billion 270 million dollars, Asian countries increased by 31.9% to 7 billion 472 million dollars, and Other European Countries increased by 23,9% to 5 billion 377 million dollars.

In March, top imports by the BEC classification;

• Raw Materials (Intermediate Goods) increased by 43,3% to 25 billion 329 million dollars
• Investment (Capital) Goods decreased by -6,3% to 3 billion 252 million dollars
• Consumer Goods decreased by -3,5% to 2 billion 354 million dollars

Foreign Trade statistics have been prepared based on the "General Trade System (GTS)." Statistics for February 2022 were prepared from the administrative records of the Turkish Ministry of Trade, while statistics for other periods were prepared jointly with the Turkish Ministry of Trade and the Turkish Statistical Institute.

Source: - Turkish Ministry of Trade.