Türkiye's October exports hit $23.9 billion as trade gap widens

Türkiye's export economy registered a modest gain in October, with sales abroad reaching $23.9 billion, a 2% increase compared to the same period last year. The latest data from the Turkish Statistical Institute revealed that imports grew at a faster pace of 7.2% to $31.52 billion, resulting in a foreign trade deficit of $7.58 billion for the month.

Sectoral Composition and Key Partners

The manufacturing sector dominated Türkiye's export portfolio, accounting for 94.4% of all goods shipped abroad in October. Medium and high-technology products collectively made up 44.3% of manufacturing exports. Germany was the leading destination for Turkish goods with $2 billion, followed by the United Kingdom and the United States. On the import side, China was the primary source at $3.97 billion, with Russia and Germany as other significant partners.

Energy Impact and Year-to-Date Performance

When energy products and non-monetary gold are excluded from the calculations, the foreign trade deficit for October was significantly lower at $1 billion, highlighting the substantial impact of energy imports on the overall trade balance. The cumulative data for the first ten months of the year shows exports totaled $224.4 billion, a 3.9% annual increase, while imports reached $299.1 billion, up 6.1%.

The Widening Deficit

The broader ten-month period paints a clearer picture of the trade challenge, with the foreign trade deficit expanding by 13.3% to reach $74.68 billion compared to the same period in the previous year. This growing gap between what the nation earns from exports and spends on imports remains a key focus for the country's economic policymakers.