Turkey Balance of Trade

Last Release

Mar 31, 2024

Actual

-7,520

Units In

USD Million

-7,000

Frequency

Monthly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
24.51 Dec 1971	-14,370 Jan 2023	-2,020 USD Million	1957-2024	Turkish Statistical Institute

The Turkish trade balance has been in deficit since 1947. In 2017 the trade gap widened 36.8 percent from the previous year to USD 76.7 billion, as imports jumped 17.7 percent, the sharpest increase since 2011 and exports rose at a slower 10.2 percent. Turkey major exports were 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.

Latest Updates

Turkey’s trade deficit narrowed to USD 7.5 billion in March 2024 from USD 8.4 billion in the same month of the previous year, preliminary estimates from the Trade Ministry showed. Exports fell 4.1% year-on-year to USD 22.6 billion. Among main destinations, Germany was the largest export market, followed by Italy and the US. Meanwhile, imports dropped at a faster 5.7% to USD 31.0 billion, with China, Russia and Germany accounting for the highest shares in imports. Considering the first three months of the year, the trade deficit was lower by 41.2% to USD 20.7 billion compared to the corresponding period last year, with exports rising 3.6% and imports declining 12.6%.