Türkiye's trade deficit declines 31.1% as exports rise and imports fall

Türkiye's foreign trade deficit narrowed by 31.1% in the first nine months of the year, reaching $60.43 billion, according to data released Thursday by the Turkish Statistical Institute (TurkStat).

The figures indicate shifts in both exports and imports, affecting the overall trade balance for the period from January to September.

Foreign trade by months, September 2024. (TurkStat)

Exports see modest growth

From January to September, Türkiye’s exports rose 2.6%, totaling $191.75 billion. The increase in exports reflects growth across multiple sectors, contributing to the reduction in the trade gap.

• Exports (January-September 2024): $191.75 billion, up 2.6%
• Monthly Exports (September): $21.98 billion, down 1.9%

Export rate of change, September 2024 (L). Import rate of change, September 2024 (R). (TurkStat)

Imports drop significantly, reducing trade deficit

Türkiye’s imports during the same nine-month period fell by 8.1%, reaching $252.18 billion. The drop in imports is seen as a significant factor in the narrowing of the trade deficit. In September alone, imports totaled $27.11 billion, a slight decline of 1.4% from the previous year.

• Imports (January-September 2024): $252.18 billion, down 8.1%
• Monthly imports (September): $27.11 billion, down 1.4%

  Exports by countries, September 2024 (L). Imports by countries, September 2024 (R). (TurkStat)

Export-import ratio and trade balance in September

The export-import ratio improved to 76% over the January-September period, up from 68.1% in the same period the previous year.

Export, import and balance, September 2024. (TurkStat)

This marks an increase in Türkiye’s export coverage over imports. The trade deficit for September alone was reported at $5.13 billion.