Turkey Trade Deficit Smallest Since 2021

Turkey’s trade deficit narrowed to USD 4.2 billion in August 2025 from USD 5.0 billion a year earlier, according to preliminary data from the Trade Ministry. This marked the smallest gap since October 2021 as exports declined slower than imports. Exports fell 0.9% year-on-year to USD 21.8 billion, with declines in intermediate goods (–3.4%) and consumer goods (–4.3%), while capital goods rose 11.2%. Germany remained the top market (8.1% of total), followed by the US (5.9%), where Turkish exports now face 15% tariffs, and the UK (5.3%). Meanwhile, imports dropped 3.9% to USD 26.0 billion, led by lower purchases of intermediate goods (–5.8%) and consumer goods (–3.4%), while capital goods increased 2.9%. China was the largest supplier (15.0%), followed by Russia (12.7%) and Germany (8.7%). From January–August, exports rose 4.3% to USD 178.1 billion, while imports grew 5.6% to USD 238.2 billion, widening the trade gap to USD 60.1 billion from USD 54.8 billion in the same period last year.