Türkiye’s Foreign Trade in 2024: Exports Grow, Annual Trade Deficit Narrows

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)

  1. Germany$1.644 billion
  2. USA
  3. United Kingdom
  4. Iraq
  5. Italy
    (Collectively accounted for 29.6% of total exports)

Imports (December 2024)

  1. Russia$4.540 billion
  2. China
  3. Germany
  4. Italy
  5. 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.