Turkey Trade Deficit Widens in January

Turkey’s trade deficit widened to USD 8.4 billion in January 2026 from USD 7.5 billion in the same month last year, confirming preliminary estimates from the Trade Ministry. Exports dropped 4.1% year-on-year to USD 20.3 billion, weighed down by lower manufacturing shipments (-4.7%), partly offset by higher exports of agriculture, forestry and fishing (+2.4%), mining and quarrying (+13.1%), and other sectors (+8.7%). Germany remained the top export market (8.8%), followed by the UK (6.3%), the US (6.0%), Italy (5.2%), and Iraq (4.4%). Meanwhile, imports edged up 0.1% to USD 28.7 billion, as increased purchases of capital goods (+9.7%) and other goods (+195.2%) offset declines in intermediate goods (-1.0%) and consumption goods (-5.7%). The main sources of imports were China (14.9%), followed by Russia (10.7%), Germany (6.5%), the US (6.3%), and Switzerland (4.4%).

Turkey’s trade deficit widened to USD 8.35 billion in January 2026 from USD 7.51 billion in the same month last year, according to preliminary data from the Trade Ministry. Imports were slightly higher, up 0.03% year-on-year to USD 28.68 billion, as increased purchases of investment goods (+9.6%) and other goods (+195.4%) were offset by lower arrivals of raw materials (-1.0%) and consumer goods (-5.6%). The largest import sources were China (USD 4.28 billion), Russia (USD 2.94 billion), and the US (USD 2.87 billion), with the top 10 import partners covering 59.3% of total imports. Meanwhile, exports fell 3.9% to USD 20.33 billion, weighed by lower sales of raw materials (-4.4%) and consumer goods (-10.6%), while exports of capital goods (+5.8%) and other goods (+287.0%) rose. Top export destinations were Germany (USD 1.78 billion), the US (USD 1.22 billion), and the UK (USD 1.21 billion), with the top 10 export markets accounting for 47.8% of overall shipments.

Turkey’s trade deficit widened to USD 9.3 billion in December 2025 from USD 8.8 billion in the same month of 2024. The data was revised slightly lower from an initial estimate of USD 9.4 billion. This was the largest trade gap since April, even as exports grew more than imports. Exports increased 12.7% year-on-year to USD 26.4 billion, driven by higher sales in manufacturing (11.9%), agriculture, forestry and fishing (24.9%), and mining and quarrying (19%). Germany remained the top export market (6.7%), followed by the UK (6%), the US (5.9%), Iraq (5.1%), and France (4.8%). Imports rose 10.7% to USD 35.7 billion amid increased purchases of intermediate goods (5.6%), capital goods (38.7%), and consumption goods (6.7%). The main sources of imports were China (13%), Russia (10.5%), Germany (8.5%), the US (5.7%), and Italy (4.5%). For the full year of 2025, the trade gap expanded to USD 92.0 billion from USD 82.2 billion in 2024, with imports (6.2%) rising more than exports (4.4%).