Decline in Turkish exports fuels surge in trade deficit: Official data

Türkiye’s trade deficit surged by 14.8% year-on-year to reach $7.77 billion in February, driven by rising imports and a decline in Turkish exports, according to official figures released Thursday.

Exports fell by 1.6% on an annual basis, totaling $20.76 billion in February, while imports increased by 2.4% to $28.53 billion, the Turkish Statistical Institute (TurkStat) reported.

When energy products and non-monetary gold are excluded, the foreign trade gap narrowed by 2.3% to $19.13 billion over the same period.

The exports-to-imports coverage ratio dropped from 75.7% in February 2024 to 72.8% this year.

Germany is top location for Turkish exports

In terms of destination markets, Germany remained Türkiye‘s largest export partner with $1.69 billion in goods, followed by the UK at $1.25 billion, the US at $1.2 billion, Italy at $1.09 billion, and Iraq at $1.01 billion.

On the import front, Russia led as Türkiye’s top supplier, accounting for $3.86 billion. China followed closely with $3.54 billion, while Germany, the US, and Switzerland contributed $2.14 billion, $1.27 billion, and $1.23 million, respectively.