According to the March GTS (General trade system) foreign trade data announced by TURKSTAT in cooperation with the Ministry of Commerce; Turkey's exports increased by 19.8% to 22.71 billion USD in March 2022 compared to the same period of the previous year, while imports increased by 30.7% to 30.88 billion USD in the same period. Thus, the foreign trade deficit increased by 75.1% between March 2021 and March 2022 and became 8.17 billion USD. The ratio of exports to imports decreased from 80.2% to 73.5% in the said period.
While Germany was the country to which we exported the most in March, it was followed by the US, Italy and England. Exports to 27 countries that make up the European Union increased by 27.4% to 10.01 billion USD, while the share of the EU in our total exports increased from 41.4% to 44.1%. In import items; Russia took the first place in March 2022, followed by China, Germany and the US. While the share of intermediate goods (raw materials) in total imports increased in March, the share of capital and consumer goods decreased. While the share of exports of high-tech products in our total exports was 3%, the share of the same group's imports in our total imports was 10.4%.
According to STS (Special Trade System), Turkey's exports increased by 18.6% to 21.32 billion USD in March 2022 compared to the same period of the previous year, while imports increased by 30.4% to 29.67 billion USD in the same period. has taken place. The ratio of exports to imports was 71.8% in the said period.
The increase in the exchange rate, the global supply shortage, the chip crisis and supply problems continue to be decisive in the volumetric performance of foreign trade, and in this context, they have a slowing effect on exports on the industry side, especially in durable goods such as automotive. Oil and natural gas prices and the effect of high consumption due to the harsh winter conditions despite it being March still cause a significant increase in energy imports. Energy imports increased by 154.6% in March compared to the same month of the previous year and became 8.4 billion dollars.
Russia and Ukraine are important partners in terms of our foreign trade, and war dynamics that will directly and indirectly affect the demand phenomenon may reduce export performance and increase import expenditures in the future. We will experience the most decisive effects on the axis of the increase in commodity prices, especially oil and natural gas, in import items. In this environment, the ongoing demand and supply conditions in the world face extra effects on oil and natural gas. Our seasonal demand and inelastic consumption profile will appear as an import that will be affected by energy prices and an increasing foreign trade deficit. The uncertainty associated with the war, the effects of the increase in the commodity group not only on energy, but also on imports of raw materials, food and grain, and the stratification of the import bill in terms of exchange rates still pose negative and risks. These price effects and the situation in exchange rates also affect the inflation profile and fuel the extra risks on the CPI at 115% PPI.
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