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The Turkish lira’s nearly 30% depreciation last year had a boosting impact on the country’s exports, while curbing its imports. Exports rose 7% from the previous year to hit a record level of more than $168 billion, while imports decreased 4.6% to some $223 billion, according to official figures released last week.
The largest exports were in the land vehicles category, which includes motor vehicles, tractors, bicycles and motorcycles. Rising 11.8% from last year, exports in this category reached some $26.8 billion. In contrast, vehicle imports dropped 20.3% to about $13.9 billion, with luxury cars leading the decline under the impact of increased foreign exchange prices.
