Turkey's trade deficit widened by 14% year-on-year to USD 12.2 billion in July of 2023, from USD 10.7 billion in the corresponding month of the previous year. Exports rose by 8.3% from a year earlier to USD 20.1 billion, driven by agriculture, forestry & fishing (121%) and manufacturing (5.6%). The top partner countries for exports were Germany (8.3% of total exports), Italy (5.5%), USA(5.5%), Iraq (4.9%) and UK (4.8%). Meanwhile, imports surged by 10.5% to USD 32.3 billion, mainly attributed to an increase in purchases of consumption goods (100%) and capital goods (55.1%). The main import partners were China (14.3% of total imports), Russia (11.3%), Germany (8.8%), Switzerland (7.6%) and USA(5%). source: Turkish Statistical Institute

Balance of Trade in Turkey averaged -1964.36 USD Million from 1957 until 2023, reaching an all time high of 187.98 USD Million in October of 2018 and a record low of -14273.79 USD Million in January of 2023. This page provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.

Balance of Trade in Turkey is expected to be -6400.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey Balance of Trade is projected to trend around -8000.00 USD Million in 2024, according to our econometric models.

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Turkey Balance of Trade



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-08-03 08:20 AM Balance of Trade Prel Jul $-12.39B $-5.16B $-5.4B
2023-08-29 07:00 AM Balance of Trade Final Jul $-12.22B $-5.22B $-12.39B
2023-09-04 11:00 AM Balance of Trade Prel Aug $-12.22B


Related Last Previous Unit Reference
Balance of Trade -12216.98 -5218.40 USD Million Jul 2023
Imports 32294.93 26062.33 USD Million Jul 2023
Exports 20077.95 20843.93 USD Million Jul 2023
Tourism Revenues 12975.00 8690.00 USD Million Jun 2023

Turkey Balance of Trade
The Turkish trade balance has been in deficit since 1947. Turkey major exports are road vehicles, textiles, iron and steel, clothing and food, while imports were machinery and transport equipment, manufactured goods, mineral fuels and lubricants and chemicals. The biggest trade deficits were recorded with China, Russia, Germany, South Korea, Switzerland, India, Iran and Japan; and the largest surpluses were recorded with Iraq, the UAE, the UK, Israel, Syria, Northern Cyprus and Azerbaijan.
Actual Previous Highest Lowest Dates Unit Frequency
-12216.98 -5218.40 187.98 -14273.79 1957 - 2023 USD Million Monthly

News Stream
Turkish Trade Gap Widens in July
Turkey's trade deficit widened by 14% year-on-year to USD 12.2 billion in July of 2023, from USD 10.7 billion in the corresponding month of the previous year. Exports rose by 8.3% from a year earlier to USD 20.1 billion, driven by agriculture, forestry & fishing (121%) and manufacturing (5.6%). The top partner countries for exports were Germany (8.3% of total exports), Italy (5.5%), USA(5.5%), Iraq (4.9%) and UK (4.8%). Meanwhile, imports surged by 10.5% to USD 32.3 billion, mainly attributed to an increase in purchases of consumption goods (100%) and capital goods (55.1%). The main import partners were China (14.3% of total imports), Russia (11.3%), Germany (8.8%), Switzerland (7.6%) and USA(5%).
2023-08-29
Turkish Trade Gap Widens in July
Turkey's trade deficit widened by 16% year-on-year to USD 12.4 billion in July of 2023, from USD 10.7 billion in the corresponding month of the previous year, preliminary estimates from the Trade Ministry showed. Exports rose 8.4% to USD 20.1 billion, driven by manufacturing (93%). Meanwhile, imports surged 11.1% to USD 32.5 billion, mainly due to increase in purchases of gold. Top exporter partner was Germany with USD 1.7 billion worth of shipments whereas top importer was China with purchases at USD 4.6 billion. Considering the January-July period of 2023, the trade deficit increased by 18.2% to USD 73.6 billion.
2023-08-03
Turkey Posts Smallest Trade Gap Since 2021
Turkey’s trade deficit narrowed to $5.2 billion in June 2023, the smallest monthly trade gap since October 2021, from $8.2 billion in the corresponding period of the previous year. Exports fell by 10.5% from a year earlier to $20.9 billion, led by mining & quarrying (-20%) and agriculture, forestry & fishing (-13%).The top partner countries for exports were Germany (8.5% of total exports), USA(6.4%), UK (5.1%), Italy (4.8%) and Iraq (4.7%). Meanwhile, imports slumped by 17.5% to $26.1 billion, the least recorded in twenty months, mainly due to decline in purchases of intermediate goods (-28%). The main import partners were China (14.4% of total imports), Russia (11.2%), Germany (7.7%), Switzerland (5%) and Italy (4.3%).
2023-07-28