28.08.202507:23:36UTC+00Turkey Trade Deficit Smallest in 9 Months

Turkey experienced a narrowing of its trade deficit to USD 6.44 billion in July 2025, a decline from USD 7.31 billion in the same period the previous year, signaling the smallest trade gap since October 2024. Exports witnessed an 11% growth year-on-year, reaching USD 24.94 billion. This surge was primarily attributed to robust sales in the manufacturing sector, which grew by 12.1%, along with other sectors which saw a significant rise of 27.1%. These gains more than compensated for the declines observed in agriculture, which dropped by 11.3%, and mining, which decreased by 16.1%. Germany retained its position as the leading export destination, accounting for 7.9% of exports, followed by the UK at 6.8%, and the US at 6.3%. The US has also implemented a 15% reciprocal tariff on Turkish exports beginning in August.

On the import side, there was a modest increase of 5.4%, bringing total imports to USD 31.38 billion. This increase was driven largely by heightened purchases of capital goods, which rose by 14.2%, consumer goods, which climbed by 17.2%, and other products, which surged by 275.9%. Imports of intermediate goods remained relatively stable with a marginal increase of 0.1%. China, with a share of 14.8%, Russia at 11.3%, and Germany at 9.6% were the principal sources of imports. Over the January to July period, the trade deficit expanded to USD 55.90 billion compared to USD 49.81 billion recorded in 2024.