Turkey Balance of Trade

Turkey's trade deficit narrowed sharply to USD 4.26 billion in August 2021, from USD 6.30 billion in the same period last year, as exports jumped 51.9 percent amid a solid recovery in global demand. Sales were up for manufactured products (52.3 percent), agricultural goods (24.7 percent), and mining and quarrying (57.9 percent). The main export partner was Germany, followed by the US, the UK, Iraq and Spain. Meanwhile, imports advanced 23.6 percent, due to purchases of intermediate (27.6 percent), capital (14.5 percent) and consumption goods (5.1 percent). Key import partners were China, Russia, Germany, the US and Italy. Considering January-August, the trade deficit narrowed to USD 29.78 billion from USD 33.02 billion in the same period last year.