Turkey’s exports increased by 3.2% in March, reaching $23.4 billion. This marks the second highest March export in history. The foreign trade deficit stood at $7.3 billion.

Minister of Trade, Ömer Bolat, revealed the foreign trade data for March. According to the data shared by Minister Bolat, exports in March rose by 3.2% to $23.4 billion, achieving the second highest March export in history. Imports increased by 2.3% to $30.7 billion in March. The foreign trade deficit witnessed an annual 0.5% decrease, totaling $7.3 billion.

In March, the export-to-import ratio reached 76.3%, showing an increase of 0.7 points compared to the same month last year. Bolat stated that the biggest contributor to the increase in imports in March was natural gas and LNG. In the period of January-March, exports rose by 2.5% to $65.3 billion.

Regarding the announcement of customs duties, Minister Bolat mentioned discussions on additional customs duties during their visit to the U.S. in mid-May. He stated, “We have prepared ourselves to increase our exports.” Bolat also noted plans to visit the U.K. in the first week of May to negotiate the expansion of the free trade agreement to the services sector and certain agricultural products with the new Minister of Trade.