Türkiye's foreign trade deficit decreases 22.7 percent to USD82.16B in 2024
(MENAFN) Türkiye's foreign trade deficit decreased by 22.7 percent to USD82.16 billion in 2024 compared to the previous year, according to the Turkish Statistical Institute. The reduction in the deficit was largely due to the country's export growth and a decline in imports. Exports increased by 2.4 percent, reaching USD261.8 billion, while imports decreased by 5 percent, totaling USD344 billion. This led to an improvement in the export-import coverage ratio, which rose from 70.6 percent in 2023 to 76.1 percent in 2024.
The composition of exports by economic activity in 2024 was dominated by manufacturing industries, which made up 94.1 percent of total exports. Agriculture, forestry, and fishing contributed 3.6 percent, while mining and quarrying accounted for 1.7 percent. These figures highlight the continued strength of Türkiye's manufacturing sector, which plays a key role in driving export growth.
Germany remained the largest destination for Turkish exports in 2024, receiving USD20.4 billion worth of goods. The United States and the United Kingdom followed as the second and third-largest markets for Turkish products. These strong export figures underscore Türkiye's robust trade ties with its European and American partners.
On the import side, China was the primary source of goods for Türkiye, with imports totaling USD44.9 billion. Russia and Germany also ranked highly as major suppliers of goods, reflecting Türkiye's significant trade relationships with these countries.
MENAFN02022025000045015839ID1109157617
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.