Turkey marks record high for exports

Turkey’s exports in the first quarter has reached a record high of 44.5 billion U.S. dollars.

The exports in the first three months of 2019 surged 3.34 percent year-on-year, calculated by the general trade system.

During the same period, Turkey’s imports amounted to 50.5 billon dollars with an annual decline of 21.46 percent.

Turkey’s deficit posted a significant decline in March.

The exports-to-imports coverage ratio, an indicator of external financing need, rose to 88.2 percent in the first quarter from 67.1 percent last year.

After a serious currency depreciation in 2018, the Turkish government sharply lowered its growth forecast for 2019 to 2.3 percent in a medium-term economic program unveiled last September.