Turkey Trade Deficit Largest in 9 Months

Turkey’s trade deficit narrowed to USD 5.6 billion in May 2026 from USD 6.6 billion in the same month a year earlier, according to preliminary data from the Trade Ministry. This marks the smallest trade gap since August last year, as exports fell less than imports. Exports declined 9.3% year-on-year to USD 22.5 billion, driven by lower shipments of raw materials (-4.2%), consumer goods (-18.8%), and investment goods (-18.7%). Germany remained the top export destination, followed by the US and Italy. Meanwhile, imports dropped 10.7% to USD 28.1 billion, weighed by decreased purchases of raw materials (-3.9%), consumer goods (-30.1%), and investment goods (-18.4%). China remained the leading source of imports, followed by Russia and Germany. Considering the first five months of the year, the trade deficit widened to USD 42.7 billion from USD 41.1 billion in the same period a year earlier, as imports rose 1.2% while exports increased a slower 0.3%.

Turkey’s trade deficit narrowed to $8.5 billion in April 2026 from $12.1 billion in the same month last year, confirming preliminary data. This was the smallest trade gap since January, driven by strong export growth that far outpaced the rise in imports. Exports surged 22.3% year-on-year to $25.4 billion, mainly driven by the manufacturing sector (22.0%), followed by agriculture, forestry and fishing (20.3%), and mining and quarrying (24.5%). Turkey’s main export partners were Germany (8.3%), the US (6.3%), the UK (5.7%), Italy (5.3%), and Spain (4.1%). Imports rose 3.1% to $33.9 billion due to higher imports of intermediate goods (5.6%) and capital goods (1.6%), which offset a 6.8% drop in consumer goods. The top sources of imports were China (13.2%), Russia (13.0%), Germany (7.0%), the US (5.5%), and Italy (4.0%). In the January-April period, the trade gap widened to $37.1 billion from $34.6 billion a year ago, with imports (4.3%) rising more than exports (3.0%).

Turkey’s trade deficit narrowed to USD 8.5 billion in April 2026 from USD 12.1 billion in the same month a year ago, according to preliminary data from the Trade Ministry. This marks the smallest trade gap since January, amid a double-digit growth in exports that significantly outpaced the increase in imports. Exports surged 22.3% year-on-year to USD 25.4 billion, driven by higher sales of raw materials (20.6%), consumer goods (15.1%), and capital goods (34.9%). Germany remained the top export destination, followed by the US, Italy, England, and Spain. Imports rose 3.1% to USD 33.9 billion, amid increased purchases of raw materials (5.6%) and capital goods (1.6%), which offset a decline in consumer goods imports (-6.7%). China remained the leading source of imports, followed by Russia, Germany, the US, and Italy. In the first four months of the year, the country's trade gap widened to USD 37.2 billion from USD 34.6 billion, as imports (4.3%) rose more than exports (3.0%).