According to a new report from an Agency where they cited data obtained from the Trade Ministry, Turkey’s trade in Turkish Lira is still enjoying the upward trend it enjoyed over the past year. The sanctions that have been put in place recently against Russia have served to reveal again how important trade using local currencies is.
Imports and Exports in Turkey
As of the end of 2021, the total value of exports in Turkish Lira reached an enormous 4.5 billion USD (66.7 billion TL). During this time, imports that were made using Turkish Lira amounted to a colossal 116.4 billion TL to make the total volume of foreign trade amount to 182.8 billion TL in total.
Turkish trade for this year
In the first three months of this year, trade using the local currency has also seen increases. Exports in Turkish Lira in January were just over 7 billion TL whilst imports were 12.5 billion TL with the foreign trade volume reaching over 19 billion TL during this time.
Exports in Turkish Lira in February totalled 8.5 billion TL whilst imports were 13.5 billion TL, making the foreign trade volume just over 22.1 billion TL in total.
Finally, March saw exports amount to 9.3 billion TL, which was an impressive increase of 8.3% when compared to February and 71.9% when compared to March in 2021. Imports in Turkish Lira totalled just over 17 billion TL and foreign trade increased to just under 26.5 billion TL.
2022 in Turkey
In the first four months of this year, exports in Turkish Lira increased by over 70% when compared to the same time last year, reaching a huge 24.9 billion TL according to data.
The President of Turkey, Recep Tayyip Erdogan, has done his best to protect the value of the Lira by calling on conducting trade with the local currency numerous times.
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