Turkey Posts Largest Trade Deficit in 3 Months

Turkey’s trade deficit widened to USD 10.4 billion in June 2026 from USD 8.2 billion in the same month a year earlier, according to preliminary data from the Trade Ministry. The shortfall was the largest since March, as imports climbed 23% year-on-year to a six-month high of USD 35.3 billion, outpacing a 21.7% increase in exports to USD 24.9 billion. For the first half of 2026, Turkey recorded a cumulative trade deficit of USD 53.1 billion. During the period, imports rose 4.6% compared with the same period a year earlier to USD 189.2 billion, while exports increased at a slower pace of 3.6% to USD 136.1 billion, highlighting a persistent deficit in the country’s external trade position.

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. It was the smallest trade gap since August 2025, as exports declined less than imports. Exports fell 9.5% year-on-year to USD 22.5 billion, with shipments decreasing across agriculture, forestry and fishing (-2.2%), mining and quarrying (-2.1%), and manufacturing (-10.0%). Germany remained the top destination, accounting for 7.6% of total exports, followed by the US (6.8%), the UK (6.1%), Italy (5.1%), and Spain (4.1%). Meanwhile, imports declined 10.8% to USD 28.1 billion, weighed down by lower purchases of capital goods (-18.3%), intermediate goods (-4.1%), and consumption goods (-30.1%). Russia remained the leading source of imports, accounting for 13.4%, followed by China (12.2%), Germany (7.3%), and the US (4.3%). In the first five months of the year, the trade deficit widened to USD 42.7 billion from USD 41.2 billion in the corresponding period of 2025.

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%.