Turkey's Foreign Trade Deficit Declined 23 pct to $82.2 Billion in 2024

Exports increased by 2.4 percent annually to $261.9 billion, while imports fell 5 percent from 2023 to $344 billion.

The export/import coverage ratio improved from 70.6 percent in 2023 to 76.1 percent last year, TÜİK said.

In December alone, the country’s exports amounted to $23.4 billion, marking a 2.1 percent increase from a year earlier.

Imports surged 10.9 percent year-on-year to $32.2 billion, leading to a foreign trade deficit of $8.8 billion, a 43.9 percent annual increase.

On a seasonally and calendar adjusted basis, exports and imports rose by 2.8 percent and 1.8 percent month-on-month, respectively.

Germany remained the largest export market for Turkey in the last year. Shipments to Europe’s economic powerhouse amounted to $20.4 billion.

The U.S. and the U.K. ranked second and third at $16.35 billion and $15.3 billion, respectively.

In 2024, imports from China stood at $44.9 billion, followed by Russia at $44 billion. Turkey’s imports from Germany were $27 billion in 2024, TÜİK said.

Source: HDN