Turkey’s exports witnessed a 10.7 percent increase year-on-year in January reaching $12.5 billion, while the country’s foreign trade deficit soared 108.8 percent compared to the same month of 2017.
According to data from the Turkish Statistics Institute (TÜİK) and the Customs and Trade Ministry, the rise in exports came amid a 38 percent increase in imports, reaching $21.5 billion.
The trade deficit reached $9.06 billion, the Institute and the Ministry said.
Data showed that exports to the European Union’s 28 countries, Turkey’s main trading partner, climbed 23.1 percent to $5.2 billion.
While trade between Turkey and African countries increased sixfold in the past 15 years, reaching $17.5 billion.
Turkey has increased cooperation with African states and many Turkish businessmen have invested in them.
The country has in the past 15 years signed trade and economic cooperation agreements with 45 African countries.
Turkey’s Foreign Direct Investment in Africa has also increased from $100 million in 2003 to around $6.5 billion in 2017.
