Türkiye breaks export record as trade deficit hits 34-month low

Türkiye has achieved a record-breaking level of exports for August, reaching $22.1 billion with a 2.4 percent increase compared to the same month last year.

Trade Minister Omer Bolat announced on Monday that the foreign trade deficit, which is the difference between exports and imports, significantly reduced, dropping to $4.9 billion in August—the lowest level in 34 months.

According to official figures, Türkiye's imports in August declined by 10.8 percent, totalling $26.99 billion.

Over the last 12 months, Türkiye's rolling exports reached $261.97 billion, a 3.5 percent increase over the previous year, while imports fell 8.4 percent to $340.6 billion.

For the January-August period, Türkiye's exports amounted to $170.8 billion, up 3.9 percent compared to the same period last year. Imports during this period totalled $225.66 billion, marking an 8.7 percent decrease.

According to Bolat, the positive trends in the nation's trade figures, particularly the reduction in the trade deficit, display a key achievement in stabilising the country's economy.

Türkiye's exports in 2023 hit a record high of $255.8 billion, ticking up 0.6 percent from the previous year and surpassing the country's medium-term programme target of $255 billion.

The country's foreign trade deficit had also narrowed by 3.2 percent year-on-year in 2023.

In a statement last year, Turkish President Erdogan said that Ankara aims to boost its goods and services exports to over $375 billion in 2024.

Türkiye is among the fastest-growing G20 countries.