Turkey's exports and imports rise in January, economy expanded 11%
Christian Fernsby | ▼ February 28, 2022
Turkey's exports and imports increased in January, according to provisional data released on Monday.
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Exports rose 17.2% to $17.59 billion in January, compared with the same month last year. Imports increased 54.2% year-on-year to reach $27.85 billion last month, showed the data revealed by the Turkish Statistical Institute (TurkStat) and the Trade Ministry.
"Exports, excluding energy products and non-monetary gold, were $16.75 billion with a 19.6% increase in January 2022. Imports, excluding energy products and non-monetary gold, were $18.41 billion with a 31.1% increase in January 2022," TurkStat said in a statement.
"Foreign trade deficit, excluding energy products and non-monetary gold, was $1.66 billion in January 2022," it added.
Foreign trade volume was $35.16 billion with a 25.4% increase.
In January 2022, foreign trade deficit was $10.26 billion with a 234.9% increase compared with January 2021, it said.
Turkey's economy expanded 11% year-on-year in 2021 in line with market expectations, according to official data revealed on Monday.
"Gross domestic product at current prices increased by 42.8% and reached 7.2 trillion Turkish liras (nearly $518 billion) in 2021 compared with the previous year," the Turkish Statistical Institute (TurkStat) said in its latest report.
The gross domestic product per capita was 85,672 Turkish liras ($9,539) at current prices last year.
Service activities made the biggest contribution to the country's economy with a 21.1% rise, followed by 20.3% in other service activities and 20.2% in the information and communication activities.
Financial and insurance activities, agriculture sector and construction sector decreased 9%, 2.2% and 0.9%, respectively. ■ What to read next
In 2021, the EU spent €15.2 billion on imports of green energy products (including wind turbines, solar panels and liquid biofuels) from countries outside the EU.
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