Türkiye’s 9-month exports rise 3.2 percent to $193 billion

ISTANBUL

Türkiye’s exports increased by 3.2 percent in the January-September period from a year ago to reach $192.8 billion, according to data from the Trade Ministry on Oct. 3.

In the same period, the country’s imports fell by 7.9 percent year-on-year to $252.9 billion.

Consequently, Türkiye’s foreign trade deficit amounted to $60 billion, declining 31.5 percent compared with the January-September period of 2023.

The 12-month annualized exports stood at $261.6 billion, according to the ministry data. The 12-month trailing imports and foreign trade deficits were $340.3 billion and $78.7 billion, respectively.

In the medium-term program unveiled last month, the government projects that exports would be $264 billion in 2024. The government expects export revenues to increase to $279.6 billion next year and further up to $296 billion in 2026.

In September, Türkiye’s exports recorded a 1.8 percent decline from a year ago to $22 billion, while imports fell 1.4 percent year-on-year to $27.1 billion, according to data from the Trade Ministry.

The foreign trade deficit widened by 0.5 percent annually to $5.1 billion in September.

The export/import coverage ratio declined from 81.5 percent in September 2023 to 81.4 percent last month.

Excluding energy trade, the coverage ratio fell 1 point to 93.7 percent, the ministry said. Excluding energy and gold trade, the export/import coverage ratio was 98.1 percent in September, down from 101 percent in the same month of last year.

Germany was Türkiye’s largest export market, followed by the U.K. and the U.S. in September. Italy and Iraq ranked fourth and fifth, respectively.

Shipments to Germany, Europe’s economic powerhouse, stood at $1.68 billion, while exports to the U.K. amounted to $1.39 billion. The U.S. imported $1.26 billion worth of goods from Türkiye last month.

Exports to the European Union increased from $9.03 billion to $9.09 billion, with the bloc accounting for 41.3 percent of all Türkiye’s export revenues in September.

In the first nine months of 2024, Türkiye’s exports to the EU amounted to $104.3 billion.

Automotive was the top exporting industry in September. The automotive sector’s exports grew 21 percent year-on-year to $3.4 billion. The defense sector’s exports surged 32 percent annually to $567 million.

China remained Türkiye’s largest supplier, showed the ministry data. Imports from China were $3.74 billion in September.

The country’s imports from Russia and Germany were $3.12 billion and $2.5 billion, respectively.