Türkiye’s foreign trade deficit narrows by 30.5% in first half of 2024

Türkiye’s foreign trade deficit decreased significantly by 30.5% in the first half of 2024, dropping from $61.3 billion to $42.59 billion, according to the Turkish Statistical Office (TurkStat) on Wednesday.

Export, import dynamics

During the January-June period, the country’s exports increased by 2.6% to $126.3 billion. In contrast, imports fell by 8.4% to $168.87 billion.

The export-import coverage ratio improved markedly to 74.8%, compared to 66.8% in the same period last year.

In the first half of this year, high-tech products accounted for 4.1% of Türkiye’s total exports, marking a 19.2% year-on-year increase.

This growth highlights Türkiye’s strengthening position in the high-tech sector.

Key trade partners

In the first six months, Türkiye’s primary import sources were Russia, China and Germany.

On the export front, the main destinations for Turkish goods were Germany, the United States, and the United Kingdom.

In June alone, Türkiye’s exports declined by 8.3% to $19.05 billion, while imports decreased by 4.4% to $24.9 billion.

This resulted in a foreign trade deficit of $5.87 billion for the month.