Türkiye's trade deficit widens to $7.77 bln in February

ANKARA

Türkiye’s trade deficit surged by 14.8 percent year-on-year to reach $7.77 billion in February, driven by rising imports and a decline in exports, according to official figures released on March 27.

Exports fell by 1.6 percent on an annual basis, totaling $20.76 billion in February, while imports increased by 2.4 percent to $28.53 billion, the Turkish Statistical Institute (TÜİK) reported.

When energy products and non-monetary gold are excluded, the foreign trade gap narrowed by 2.3 percent to $19.13 billion over the same period.

The exports-to-imports coverage ratio dropped from 75.7 percent in February 2024 to 72.8 percent this year.

In terms of destination markets, Germany remained Türkiye's largest export partner with $1.69 billion in goods, followed by the United Kingdom at $1.25 billion, the United States at $1.2 billion, Italy at $1.09 billion and Iraq at $1.01 billion.

On the import front, Russia led as Türkiye’s top supplier, accounting for $3.86 billion. China followed closely with $3.54 billion, while Germany, the U.S. and Switzerland contributed $2.14 billion, $1.27 billion and $1.23 million, respectively.