Foreign trade deficit widens 22 percent to $7.5 billion

ANKARA

Exports increased by 5.8 percent year-on-year to $21.2 billion in January, according to data from the Turkish Statistical Institute (TÜİK) on Feb. 27.

Imports were $28.7 billion, up 9.6 percent compared to January last year.

Consequently, Türkiye’s foreign trade deficit widened by 21.9 percent last month on an annual basis to $7.54 billion.

Excluding energy products and non-monetary gold, the foreign trade gap grew 5 percent to $18.6 billion in the same period.

The exports-to-imports coverage ratio fell to 73.7 percent this January, down from 76.4 percent in January 2024.

Germany remained Türkiye's largest export destination, receiving $1.8 billion worth of goods.

The U.S. followed with $1.4 billion, the U.K. with $1.3 billion, the United Arab Emirates with $1 billion and Iraq with $979 million.

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. with $1.4 billion and Switzerland with $950 million.

Capital goods imports rose by 1.7 percent annually to $3.7 billion, while the increase in intermediate goods imports was 9.2 percent to $20.9 percent, making up nearly 73 percent of all Türkiye’s imports in January.

Last month, Türkiye imported $3.99 billion worth of consumption goods, marking a 20.6 percent increase compared to January 2024.