FX.co ★ Turkey Trade Deficit Largest in 9 Months

Turkey’s trade deficit narrowed to USD 5.6 billion in May 2026 from USD 6.6 billion a year earlier, according to preliminary data from the Trade Ministry. This was the smallest trade gap since August of the previous year, as exports declined less sharply than imports.

Exports fell 9.3% year-on-year to USD 22.5 billion, reflecting lower shipments of raw materials (-4.2%), consumer goods (-18.8%), and investment goods (-18.7%). Germany remained Turkey’s largest export market, followed by the United States and Italy.

Imports decreased 10.7% to USD 28.1 billion, weighed down by reduced purchases of raw materials (-3.9%), consumer goods (-30.1%), and investment goods (-18.4%). China stayed the leading source of imports, ahead of Russia and Germany.

Over the first five months of the year, however, the trade deficit widened to USD 42.7 billion from USD 41.1 billion in the same period a year earlier, as imports grew 1.2% while exports rose by a more modest 0.3%.