Türkiye’s foreign trade deficit nears $6B in October

Türkiye’s foreign trade deficit widened in October 2024, reaching $5.9 billion. This figure represents a 12.9% increase from September’s $5.1 billion deficit. However, compared to the same period last year, the deficit narrowed by 10.5%.

According to Turkish Statistical Instıtute (TurkStat) data released Thursday, the gap continued to narrow on an annual basis, reaching $65.8 billion for the first 10 months of the year, down 30.1% year-on-year.

Türkiye’s exports totaled $216.2 billion in the first 10 months, while imports amounted to $282 billion. In October alone, exports were at $23.5 billion while imports totaled $29.4 billion.

Germany main destination for exports

In January-October, the share of manufacturing industry products in total exports was 94.2%.

The share of high-tech products in these first 10 months of manufacturing industry exports was 3.4%.

The main partner country for exports was Germany with $17.97 billion, followed by the U.S. with $13.38 billion and the U.K. with $12.49 billion.

Conversely, China was the main source of Türkiye’s imports with $37.4 billion, followed by Russia with $35.5 billion and Germany with $22.18 billion.