Türkiye’s foreign trade landscape saw notable shifts in December 2024, with exports showing modest growth while imports surged, leading to a widening monthly trade deficit. However, on an annual basis, the country recorded a significant improvement in its trade balance, according to provisional data from the Turkish Statistical Institute (TÜİK).
December Trade Performance: Rising Exports, Expanding Deficit
- Exports: Up 2.1% year-on-year to $23.44 billion
- Imports: Increased 10.9% to $32.22 billion
- Trade Deficit: Expanded 43.9% to $8.78 billion, as imports outpaced exports
- Exports-to-Imports Coverage Ratio: Declined from 79.0% in December 2023 to 72.8%
Annual Trade Overview: Deficit Shrinks Despite December’s Surge
- Exports (Jan-Dec 2024): Grew 2.4% to $261.86 billion
- Imports (Jan-Dec 2024): Declined 5.0% to $344.02 billion
- Annual Trade Deficit: Narrowed 22.7% to $82.17 billion
- Coverage Ratio: Improved from 70.6% in 2023 to 76.1% in 2024
These figures reflect a more balanced trade structure, driven by reduced import dependency and steady export growth.
Sectoral Trade Breakdown
Exports
- Manufacturing industry: 93.7% of total exports
- Agriculture, forestry, and fishing: 4.1%
- Mining and quarrying: 1.6%
Imports
- Intermediate goods: 68.6% (Annual share: 69.3%)
- Capital goods: 14.3%
- Consumer goods: 16.8%
Top Trade Partners
Exports (December 2024)
- Germany – $1.644 billion
- USA
- United Kingdom
- Iraq
- Italy
(Collectively accounted for 29.6% of total exports)
Imports (December 2024)
- Russia – $4.540 billion
- China
- Germany
- Italy
- Switzerland
(Together, these countries represented 44.2% of total imports)
Technology Trade Insights
- High-tech exports: 4.7% of total manufacturing exports in December (3.6% annually)
- High-tech imports: 11.0% of total manufacturing imports in December (11.1% annually)
Special Trade System Data
Under the Special Trade System, which excludes some free-zone transactions:
- December Exports: $21.23 billion (+2.8%)
- December Imports: $30.41 billion (+11.3%)
- Trade Deficit: $9.19 billion (+37.7%)
- Annual Trade Deficit: Narrowed 21.5% to $83.85 billion
Outlook for 2025
Türkiye’s resilient export performance and lower annual trade deficit highlight improving trade balance stability despite short-term fluctuations. As global economic conditions remain uncertain, the government is expected to continue boosting exports, enhancing high-tech production, and reducing import reliance to sustain trade balance improvements in 2025.