Turkey's trade deficit widened by 14% year-on-year to USD 12.2 billion in July of 2023, from USD 10.7 billion in the corresponding month of the previous year. Exports rose by 8.3% from a year earlier to USD 20.1 billion, driven by agriculture, forestry & fishing (121%) and manufacturing (5.6%). The top partner countries for exports were Germany (8.3% of total exports), Italy (5.5%), USA(5.5%), Iraq (4.9%) and UK (4.8%). Meanwhile, imports surged by 10.5% to USD 32.3 billion, mainly attributed to an increase in purchases of consumption goods (100%) and capital goods (55.1%). The main import partners were China (14.3% of total imports), Russia (11.3%), Germany (8.8%), Switzerland (7.6%) and USA(5%). source: Turkish Statistical Institute
Balance of Trade in Turkey averaged -1964.36 USD Million from 1957 until 2023, reaching an all time high of 187.98 USD Million in October of 2018 and a record low of -14273.79 USD Million in January of 2023. This page provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.
Balance of Trade in Turkey is expected to be -6400.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey Balance of Trade is projected to trend around -8000.00 USD Million in 2024, according to our econometric models.