Turkey's trade deficit widened by 19% year-on-year to USD 12.7 billion in May of 2023, from USD 10.7 billion in the corresponding month of the previous year, preliminary estimates from the Trade Ministry showed. Exports rose 14.4% to USD 21.7 billion, driven by manufacturing (95.1%). Meanwhile, imports surged 16% to USD 34.3 billion, mainly due to increase in purchases of intermediate goods (74%). In addition, energy imports went down by 23.6% to USD 5.3 billion whereas gold imports soared by 114.1% to USD 3 billion that had triggered the trade deficit last year. Top exporter partner was Germany with USD 1.8 billion worth of shipments whereas top importer was Russia with purchases at USD 4.6 billion. Considering the January-May period of 2023, the trade deficit increased by 5.3% to USD 261.1 billion. source: Turkish Statistical Institute
Balance of Trade in Turkey averaged -1947.53 USD Million from 1957 until 2023, reaching an all time high of 187.98 USD Million in October of 2018 and a record low of -14259.83 USD Million in January of 2023. This page provides the latest reported value for - Turkey Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Turkey Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.
Balance of Trade in Turkey is expected to be -12600.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Turkey Balance of Trade is projected to trend around -8000.00 USD Million in 2024, according to our econometric models.