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.

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Turkey Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2023-05-30 07:00 AM Balance of Trade Final Apr $-8.74B $-8.35B $-8.85B
2023-06-02 08:00 AM Balance of Trade Prel May $-12.66B $-8.85B $-11.2B
2023-06-23 07:00 AM Balance of Trade Final May $-8.74B $-12.66B


Related Last Previous Unit Reference
Balance of Trade -12660.00 -8850.00 USD Million May 2023
Exports 21700.00 19320.00 USD Million May 2023
Imports 34300.00 28160.00 USD Million May 2023
Tourism Revenues 8690.00 11370.00 USD Million Mar 2023

Turkey Balance of Trade
The Turkish trade balance has been in deficit since 1947. Turkey major exports are road vehicles, textiles, iron and steel, clothing and food, while imports were machinery and transport equipment, manufactured goods, mineral fuels and lubricants and chemicals. The biggest trade deficits were recorded with China, Russia, Germany, South Korea, Switzerland, India, Iran and Japan; and the largest surpluses were recorded with Iraq, the UAE, the UK, Israel, Syria, Northern Cyprus and Azerbaijan.
Actual Previous Highest Lowest Dates Unit Frequency
-12660.00 -8850.00 187.98 -14259.83 1957 - 2023 USD Million Monthly

News Stream
Turkish Trade Gap Widens in May
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.
2023-06-02
Turkish Trade Gap Widens in April
Turkey’s trade deficit widened to $8.74 billion in April of 2023, from $6.14 billion in the corresponding period of the previous year. Exports fell by 17.1% from a year earlier to $19.3 billion, led by mining & quarrying (-34%) and manufacturing (-17.3%). The top partner countries for exports were Germany (8.2% of total exports), USA(6%), Iraq (5%), Italy (4.9%) and UK (4.9%). Meanwhile, imports slumped by 4.8% to $28.1 billion, the smallest since February last year, mainly due to decline in purchases of intermediate goods (-14.6%). The main import partners were Russia (14.9% of total imports), China (13.2%), Germany (7.7%), Italy (4.1%) and USA (4%).
2023-05-30
Turkish Trade Gap Widens in April
Turkey's trade deficit widened by 44% year-on-year to USD 8.9 billion in April of 2023, from USD 6.1 billion in the corresponding month of the previous year, preliminary estimates from the Trade Ministry showed. Exports fell 17.2% to USD 19.3 billion, mainly due to Eid holiday and two destructive earthquakes that struck the country in February. Meanwhile, imports declined 4.5% to USD 28.2 billion and gold purchases in April stood at USD 1.3 billion, 174% higher than a year ago. Top exporter partner was Russia with USD 4.2 billion worth of shipments whereas top importer was Germany with sales at USD 1.6 billion. Considering the January-April period of 2023, the trade deficit increased by 33.2% to USD 43.5 billion.
2023-05-02