• Imports drop to $15.6 billion, down nearly 8% on year
  • Exports stood at $12.4 billion, up 1.4% from year earlier

Turkey’s trade gap shrank in February from a year earlier as exports rose for the first time since October.

The shortfall narrowed to $3.17 billion from $4.7 billion in February 2015, compared with the median estimate of $3.2 billion in a Bloomberg survey. Imports dropped 8.1 percent to $15.6 billion, while exports rose 1.4 percent to $12.4 billion, Turkey’s state statistics institute in Ankara said on its website Thursday.

The rise in shipments was broad-based and led by automakers, according to preliminary data published by the Ministry of Trade and Customs earlier this month. Lower energy bills also supported the improvement in the trade balance as imports of mineral fuels, including crude oil, fell to $2 billion last month from $3.4 billion a year earlier.

The lira was stronger after the figures were announced, trading 0.2 percent higher at 2.8304 at 10:12 a.m. in Istanbul.

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