FX.co ★ Turkey Trade Gap Widens in February

In February 2025, Turkey experienced an increase in its trade deficit, reaching USD 7.77 billion compared to USD 6.77 billion in the same month of the previous year. Exports saw a decline of 1.6% year-on-year, amounting to USD 20.76 billion. This decrease was primarily attributed to reduced sales in the manufacturing sector, which fell by 2%. Nonetheless, there was an uptick in exports from the agriculture, forestry, and fishing sector, which grew by 3.2%, as well as from mining and quarrying, which edged up by 0.8%. Germany emerged as Turkey's largest export market, comprising 8.1% of total shipments, followed by the UK (6%), the US (5.8%), Italy (5.2%), and Iraq (4.9%).

On the import side, there was a 2.4% increase to USD 28.53 billion, stimulated by a significant rise in the acquisition of intermediate goods, which jumped by 8.2%, and a dramatic surge in the purchase of other goods, amounting to 408.8%. The primary sources of imports were Russia, accounting for 13.5% of the total, followed by China (12.5%), and Germany and the US (each at 7.5%), with Switzerland at 4.3%. For the cumulative period of the first two months of the year, the trade deficit expanded to USD 15.31 billion, up from USD 12.95 billion.