Foreign trade deficit shrinks 16 percent to $4.2 billion in August

ANKARA

Türkiye’s foreign trade balance posted a deficit of $4.2 billion in August, marking a 15.8 percent decline compared to the same month of last year.

Data from the Turkish Statistical Institute (TÜİK) showed on Sept. 20 that exports amounted to $21.7 billion in August, down 1.2 percent year-on-year, while imports also fell 3.9 percent from a year ago to $25.94 billion.

Excluding energy and non-monetary gold, the foreign trade balance posted a surplus of $338 million in August, the data showed.

TÜİK reported that the export/import coverage ratio rose from 81.5 percent in August 2024 to 83.5 percent.

In August, the shares of the manufacturing industry's products sector, agriculture, forestry and fishing sector and the mining and quarrying sector in total exports were 94.9 percent, 2.7 percent and 1.6 percent, respectively.

High-tech's share in the manufacturing side was at 4.2 percent, while medium-high tech's share was at 37.9 percent in August.

The leading destination for Turkish exports was Germany with $1.77 billion, followed by the United States with $1.27 billion and the United Kingdom with $1.15 billion.

China was the top source of imports to Türkiye with $3.9 billion, followed by Russia with $3.28 billion and Germany with $2.25 billion.

The country’s imports of consumer goods rose by 2.7 percent year-on-year in August to $4.28 billion, but imports of intermediate goods and capital goods dropped 5.8 percent and 3.3 percent to $17.7 billion and $3.9 billion, respectively.

In January-August, the country's exports totaled $178 billion, up 4.3 percent compared to the same period of 2024, and imports were at $238.1 billion, up 5.6 percent.

Türkiye’s imports of intermediate goods amounted to more than $164 billion in January–August, marking a 4.3 percent increase from a year earlier. Imports of consumer goods rose 13 percent year-on-year to $39 billion, while capital goods imports in the same period climbed 3.1 percent to $34.4 billion.

The foreign trade deficit in the eight-month period widened by 9.7 percent year-on-year to $60.14 billion.

In the new medium-term program, the government forecasts exports at $273.8 billion in 2025. For this year, it projects imports of $367 billion and a foreign trade deficit of $93.2 billion.

Exports are expected to rise to $282 billion in 2026, while imports are forecast at $378 billion. According to the program, the foreign trade deficit is projected to reach $96 billion in 2026.