Turkey's energy import costs up 2.6 times

In December, 2021, Turkey's expenditures on energy imports increased 2.6 times compared to the same period in 2020, reaching $7.173 billion.

Report informs, citing the December GTS (General trade system) foreign trade data announced by TURKSTAT in cooperation with the Ministry of Commerce, that Turkey's exports increased by 24.9% to $22.28 billion in December 2021 compared to the same period of the previous year, while imports rose by 29.9% to $29.07 billion in the same period.

The growth of industrial production, the revival of economic activity, and rising energy prices in global markets boosted Turkey's imports.

In addition, Turkey's crude oil imports rose by 45.9% year on year to 2.980 million tons in December.