The Turkish Ministry of Trade and the Turkish Statistical Institute (TurkStat) released preliminary international trade data for July, highlighting a robust performance in Türkiye's exports.
The data reveal that exports surged 13.8 percent year-on-year to USD 22.51 billion, while imports decreased 7.8 percent to USD 29.81 billion in July 2024. This resulted in a substantial narrowing of the trade deficit, which dropped 41.8 percent to USD 7.3 billion.
Commenting on the data, Trade Minister Ömer Bolat stated, “The policies we have implemented and the measures we have taken demonstrate the effectiveness of the Medium-Term Program."
Bolat noted that the July international trade data reflect an upward trend in Turkish exports of goods and services, while imports charted a downward trajectory.
The export-to-import coverage ratio also showed a notable improvement, rising from 61.2 percent in July 2023 to 75.5 percent in July 2024. Over the first seven months of the year, exports increased 4.1 percent to USD 148.74 billion, whereas imports fell 8.3 percent to USD 198.68 billion. This led to a reduction in the trade deficit by 32.4 percent, from USD 73.86 billion to USD 49.94 billion.
Excluding energy products and nonmonetary gold, July exports rose 13 percent to USD 20.52 billion, and imports fell 4.2 percent to USD 23.51 billion, resulting in a trade deficit of USD 2.98 billion. This underscores the strength of Türkiye's manufacturing sector.
The manufacturing sector continues to dominate Türkiye's export landscape, accounting for 94.5 percent of exports in July. Agriculture, forestry, and fishing contributed 2.8 percent, while mining made up 2.1 percent.
Germany was the top destination for Turkish exports in July, with shipments totaling USD 1.75 billion, followed by the United Kingdom, the United States, Iraq, and Italy.