Türkiye’s trade deficit widens to $7.5B in January
Türkiye’s trade deficit widened 21.9% to $7.5 billion (TL 273.29 billion) in January from $6.2 billion in the corresponding month of the previous year, official data from the country’s statistical authority showed on Thursday.
Imports grew 9.6% year-over-year to $28.7 billion, data from Turkish Statistical Institute (TurkStat) revealed, thus outweighing exports, which jumped 5.8% to $21.2 billion in January.
Exports, excluding energy products and non-monetary gold, stood at $19.5 billion with a 5.0% increase in January. Imports, excluding energy products and non-monetary gold, were $20.8 billion, up 11.8%.
The foreign trade deficit, excluding energy products and non-monetary gold, was $1.33 billion in the month, according to the data.
The exports-to-imports coverage ratio fell to 73.7% this January, down from 76.4% in January 2024.
Germany remained Türkiye’s largest export destination, receiving nearly $1.8 billion worth of goods in the month, according to TurkStat. The United States followed with $1.4 billion, the United Kingdom with $1.3 billion, the United Arab Emirates (UAE) with $1 billion and Iraq with $979 million.
Among trading partners, Germany remained the top export destination, accounting for 8.4% of total exports, followed by the U.S. (6.5%), the U.K. (6%), UAE (4.8%) and Iraq (4.6%), respectively.
On the import side, Russia topped the list as Türkiye’s largest supplier, accounting for $4.4 billion. It was followed by China with $4.1 billion, Germany with $1.9 billion, the U.S. at $1.4 billion and Italy with $950 million.
