FX.co ★ Turkey Trade Deficit Above Initial Estimates

In May 2025, Turkey recorded a trade deficit of USD 6.6 billion, surpassing both the preliminary projections and the amount registered in the corresponding month of the previous year when it stood at USD 6.5 billion. Despite this, it represents the smallest trade deficit since October 2024. This is attributed to a 2.6% year-on-year increase in exports, which reached USD 24.82 billion. The growth in exports was largely fueled by the manufacturing sector (up 2.9%), agriculture, forestry, and fishing (up 0.7%), and other sectors (up 9.3%). Germany, the UK, and the US emerged as the primary export destinations, accounting for 8.4%, 6.1%, and 6.1% of exports respectively. On the import side, there was a 2.7% rise to USD 31.46 billion, driven predominantly by rising purchases of consumption goods (up 12.8%), capital goods (up 2.1%), and intermediate goods (up 0.7%). China (13.7%), Russia (10.4%), and Germany (8.5%) were the main sources of imports. Over the first five months of 2025, the cumulative trade deficit amounted to USD 41.26 billion, compared to USD 36.62 billion during the same period in 2024.