Exports surge to $25 billion, trade deficit narrows in July

ISTANBUL

Turkish exports posted a rise of 11 percent on an annual basis to $24.94 billion in July, according to data from the Turkish Statistical Institute (TÜİK) on Aug. 28.

Türkiye's imports also increased 5.4 percent year-on-year to $31.38 billion in July, resulting in a trade deficit of $6.4 billion, down 11.8 percent.

Excluding energy and non-monetary gold, the foreign trade deficit was $2.18 billion, the data showed.

In July, the ratios of the manufacturing industries' products sector, agriculture, forestry and fishing sector, and the mining and quarrying sector in total exports were 95.5 percent, 2.2 percent and 1.6 percent, respectively.

High-tech's share in the manufacturing side was at 4.2 percent, and medium-high tech's share was at 41.6 percent in July.

The top destination country for Turkish exports was Germany with $1.97 billion, followed by the U.K. with $1.69 billion and the U.S. with $1.57 billion.

China was the top source of imports to Türkiye with $4.64 billion, followed by Russia with $3.56 billion and Germany with $3 billion.

In January-July, the country's exports totaled $156.3 billion, up 5.1 percent, and imports were at $212.22 billion, up 6.9 percent.

The foreign trade deficit in the seven-month period stood at $55.9 billion, up 12.2 percent compared to the same period of 2024.