Turkey’s exports registered an all-time high March figure at $18.98 billion, the country’s trade minister announced on Thursday.

The country’s exports in March rose 42.2% year-on-year, Ruhsar Pekcan announced in the capital Ankara, revealing preliminary Trade Ministry data.

On the imports side, the figure was $23.6B in March, rising by 25.8% compared to the same month last year, according to Pekcan.

“Thus, Turkey’s foreign trade deficit shrank 14.2% on an annual basis, dropping to $4.7B from $5.5B in March,” she said.

The export-to-import coverage ratio was 80.2% this March, Pekcan added.

The trade minister also said Turkish exports were up 17.3% in the first quarter of 2021, hitting an all-time high quarterly figure of $50B.

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