Turkey’s March trade deficit almost triples and tourism revenues feel the corona heat
Turkey’s foreign trade deficit almost tripled to $5.39 billion in March from $1.92 billion in the same month of 2019…
Turkey’s foreign trade deficit almost tripled to $5.39 billion in March from $1.92 billion in the same month of 2019 given that imports increased while exports dropped.
The growth in imports was an annual 3.1 percent to $18.8 billion, while exports sunk by 18 percent to $13.4 billion; reducing exports/imports coverage ratio to 71 percent down from 90 percent a year earlier.
In January-March 2020 period, exports were 42 billion 749 million dollars with 4.0% decrease and imports were 55 billion 655 million dollars with 10.3% increase compared with January-March 2019.
Tourism also in deep trouble
Turkey’s revenue from tourism dropped 11 percent annually in the first quarter of the year as the spread of the coronavirus began to hit the industry and wider economy.
Income from foreign visitors fell to $4.1 billion in the three months to March from $4.63 billion a year earlier, the Turkish Statistical Institute said on Thursday.
The number of tourists declined 15 percent annually to 5.64 million, the institute said.