Turkey’s Trade Deficit Widens in June Despite Export Growth

Turkey’s foreign trade deficit continued to expand in June 2025, as import growth outpaced exports, highlighting persistent imbalances in trade—even when energy and gold are excluded.

Exports Up 7.9%, Imports Jump 15.2% in June

According to provisional foreign trade data published by TURKSTAT and the Ministry of Trade on July 31, exports in June increased by 7.9% year-over-year, reaching $20.5 billion, while imports surged 15.2% to $28.7 billion. This resulted in a monthly trade gap of $8.17 billion, up approximately $2.3 billion compared to June 2024.

Six-Month Deficit Reaches $49.4 Billion

In the January–June 2025 period, exports rose by 4.1% to $131.4 billion, while imports climbed 7.2% to $180.8 billion, producing a half-year trade deficit of $49.4 billion—a 16.3% increase from the same period last year.

Even Without Energy and Gold, Imbalance Persists

Excluding energy products and non-monetary gold, June exports reached $18.96 billion, up 8.1%, while imports totaled $22.54 billion, rising 16.9%. The resulting deficit—$3.59 billion—suggests that structural imbalances persist even in core trade categories.

Coverage Ratio Falls to 71.5%

Turkey’s export-to-import coverage ratio dropped to 71.5% in June—down from 76.4% a year earlier. For the first half of 2025, the coverage ratio declined to 72.7% from 74.8% in 2024, signaling that exports are growing slower than imports.

Alternative Trade Metrics Confirm Imbalance

Under the special trade system, June exports stood at $18.41 billion, while imports reached $26.12 billion, resulting in a $7.71 billion gap. The cumulative trade deficit under this system for the first six months hit $49.4 billion, nearly identical to the general system’s figures.

China and Russia Dominate Import Charts

In June, China remained Turkey’s largest source of imports with $3.83 billion, followed by Russia at $3.32 billion and Germany at $2.7 billion. The U.S. and Switzerland rounded out the top five, which together accounted for 43.3% of total imports.

On the export side, Germany led with $1.73 billion, followed by the UK, U.S., Italy, and France, which collectively represented 30% of total exports.

High-Tech Exports Still Minimal

Although manufactured goods made up 94.8% of total exports in June, high-tech products accounted for only 3% of that figure. Conversely, high-tech imports represented 10% of total imports, indicating a continued reliance on imported high-value technology.

For the first half of the year, high-tech products comprised 3.5% of exports and 10.9% of imports, underscoring Turkey’s struggle to balance trade through innovation and technology exports.