Turkey Trade Deficit Biggest in 8 Months

Turkey’s trade deficit widened to USD 11.3 billion in March 2026 from USD 7.2 billion in the same month last year, according to data from the Trade Ministry. This marks the largest trade gap since April last year, as imports rose 8.4% year-on-year to USD 33.2 billion, driven by higher purchases of investment goods (+7.9%), raw materials (+11.5%), and other goods (+249.5%). The largest import sources were China (14.3% of total imports), Germany (7.7%), Russia (6.1%), Switzerland (4.9%), and the US (4.6%). Meanwhile, exports fell 6.4% to USD 21.9 billion, weighed down by lower sales of investment goods (-2.7%), raw materials (-2.6%), and consumer goods (-15.3%). Top export destinations were Germany (8.3%), the US (6.3%), Italy (5.9%), the UK (5.3%), and France (4.5%). In the first quarter of 2026, the trade deficit widened to USD 28.7 billion from USD 22.5 billion a year earlier, as imports rose 4.7% while exports declined 3.1%.

Turkey’s trade deficit widened to USD 9.0 billion in February 2026 from USD 7.8 billion in the same month last year. Imports rose 5.5% year-on-year to USD 30.1 billion, driven by higher purchases of capital goods (+15.8%), intermediate goods (+4.7%), and other goods (+168.3%). China remained the top import source, accounting for 13.7%, followed by Russia (8.3%), Germany (7.3%), Switzerland (5.6%), and the US (4.5%), together making up 39.5% of total imports. Meanwhile, exports increased at a slower 1.5% to USD 21.0 billion, supported by gains in mining and quarrying (+7.3%) and manufacturing, which accounted for 93.8% of total exports. Germany remained the top export destination (8.8%), followed by the UK (5.9%), US (5.9%), Italy (5.3%), and France (4.4%), together comprising 30.3% of exports. In the January–February period, exports fell 1.3% to USD 41.4 billion, while imports rose 2.8% to USD 58.8 billion, pushing the trade deficit up 13.8% year-on-year to USD 17.4 billion.

Turkey’s trade deficit widened to USD 9.2 billion in February 2026 from USD 7.80 billion in the same month last year, according to data from the Trade Ministry. Imports climbed 6.1% year-on-year to USD 30.3 billion, driven by higher purchases of investment goods (+15.7%), raw materials (+5.6%), and other goods (+168.5%). The largest import sources were China (13.6% of total imports), Germany (7.3%), and Switzerland (5.6%), which recorded annual growth rates of 16.6%, 3.5%, and 36.5%, respectively. Meanwhile, exports rose at a softer 1.6% to USD 21.1 billion, as gains in investment goods (+26.9%), raw materials (+1%), and other goods (+17.8%) were partly offset by a decline in consumer goods exports (-6.7%). Leading destinations were Germany (8.8% of total shipments), the US (5.9%), and the UK (5.6%), with exports to Germany and the US up 10% and 4.4%, while the UK fell 5.8%. In the first two months of 2026, the trade deficit rose to USD 17.6 billion from USD 15.3 billion a year ago.