To protect the value of the Lira and re-boost the economy President Erdogan called upon his trading neighbours to conduct business in the local currency, and it seems like the call has been answered as in the first quarter of 2022, exports in Turkish Lira increased by 71.8% when compared to the same period of 2021.
This increase equated to a total export value of around 24.9bn TL, with January contributing 7.1bn TL, February contributing 8.5bn TL and March contributing 9.3bn TL. Data was collected and distributed by the Anadolu Agency and highlighted the importance of being able to trade in local currency as well as being able to exchange currencies at favourable rates, in a quick period of time.
2021 figures showed a total export volume of 66.7bn TL, and an import volume of 116.4bn TL, giving a total in foreign trade of 182.8bn TL.
It’s also worth noting that imports have also steadily increased over the first three months of the year, with January’s value sitting at 12.5bn TL, February at 13.5bn TL and March at 17.1bn TL.