Türkiye’s foreign trade deficit rises by nearly 26% in November – Türkiye Today

The Turkish Statistical Institute (TurkStat) reported on Tuesday that Türkiye’s foreign trade deficit rose by 25.8% compared to the previous month and by 24.9% year-on-year, reaching $7.46 billion in November.

Between January and November, the trade deficit stood at $73.35 billion, reflecting a 26.8% decrease compared to the same period in 2023, according to TurkStat data.

Export and import numbers

In November 2024, exports amounted to $22.28 billion, marking a 3.1% decrease compared to the same month in 2023. Imports, on the other hand, increased by 2.7%, totaling $29.74 billion.

For the January-November period, exports reached $238.46 billion, a 2.5% rise from the same period in 2023, while imports decreased by 6.3%, totaling $311.8 billion.

In November 2024, the export-to-import coverage ratio was 74.9%, down from 79.4% in November 2023.

Germany leads as top export partner

Germany was Türkiye’s largest export partner in November 2024, with exports valued at $1.68 billion, followed by:

• United States with $1.47 billion
• United Kingdom with $1.39 billion
• Italy with $1.21 billion
• Iraq with $1.09 billion

These five countries accounted for 30.7% of Türkiye’s total exports during the month.

From January to November 2024, Germany also emerged as the leading export destination, with $18.793 billion worth of exports. The United States, United Kingdom, Iraq, and Italy followed, collectively accounting for 29.8% of total exports during this period.

Russia tops import list

In November 2024, Russia was Türkiye’s top import partner, with imports valued at $3.979 billion, followed by:

• China at $3.63 billion
• Germany at $2.3 billion
• Italy at $1.97 billion
• Switzerland at $1.34 billion

These countries represented 44.4% of Türkiye’s total imports in November.

For the January-November 2024 period, China led the list of import partners with $41.05 billion, followed by the Russian Federation with $39.48 billion, Germany with $24.49 billion and Italy with $17.55 billion.