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2025-07-31 15:30:07
Turkey's trade deficit widened to $8.17 billion in June. (1) Turkey's trade deficit widened to $8.17 billion in June from $5.89 billion in the same period last year, primarily due to import growth outpacing exports. Imports increased by 15.2% year-on-year to $28.69 billion, with significant increases in purchases of intermediate goods (11.7%), consumer goods (32.2%), and capital goods (13.6%). (2) China (13.4%), Russia (11.6%), Germany (9.4%), the United States (5.1%), and Switzerland (3.9%) were Turkey's main sources of imports. (3) Exports grew by 7.9% year-on-year to $20.52 billion, with increases in manufacturing (8.5%) and mining (14%), but a decline in agriculture, forestry, and fishery exports (-13.5%). (4) Germany (8.4%), the United Kingdom (6.2%), the United States (5.8%), Italy (5.2%), and France (4.3%) were Turkey's top five export destinations. ⑸ Türkiye currently faces a base tariff of 10%, which may be raised to 15%-20% in the future, or have a significant impact on its exports.
