Türkiye’s exports grew by 2.1 percent year-on-year in the first two months of 2025, reaching $41.94 billion, according to data released by the Trade Ministry on Tuesday.

However, imports surged by 6 percent annually to $57.6 billion, widening the foreign trade deficit to $15.7 billion, a 21.2 percent increase from the same period last year.

The automotive sector maintained its position as Türkiye’s top exporting industry, with shipments rising 1.3 percent to $5.98 billion. In contrast, ready-wear and confection exports declined 5 percent to $2.77 billion, securing second place. The jewelry sector experienced the most significant growth, with exports soaring 113.4 percent to $2.03 billion.

In February alone, exports fell 1.5 percent to $20.8 billion, a decline Trade Minister Ömer Bolat attributed to fewer working days and harsh weather conditions. Meanwhile, imports rose 3.8 percent to $28.93 billion, pushing the monthly trade deficit up 20.5 percent year-on-year to $8.16 billion.

The export/import coverage ratio dropped to 71.8 percent, down from 75.7 percent in February 2024. However, when excluding energy and gold, the ratio stood at 94.1 percent.

Germany remained Türkiye’s largest export market, importing $1.69 billion worth of goods in February. The United States ($1.2 billion) and the United Kingdom ($1.18 billion) followed.

On the import side, Russia was Türkiye’s largest supplier, with imports amounting to $3.98 billion. China ($3.55 billion) and the United States ($2.42 billion) also ranked among the top sources of imported goods.

Breaking down February’s import figures, intermediate goods jumped over 10 percent to $21.14 billion, while consumer goods imports edged down 0.5 percent to $4.25 billion. Capital goods imports, however, plummeted 21 percent to $3.47 billion.

Looking back at 2024, Türkiye’s exports hit a record $262 billion, marking a 2.2 percent increase, while the annual trade deficit shrank 23 percent to $82.2 billion. External trade contributed 1.1 points to Türkiye’s 3.2 percent economic growth, with the economy reaching $1.32 trillion in size.

The Turkish government has set a 2025 export target of $279.6 billion, with further projections of $296.1 billion in 2026 and $319.6 billion in 2027, reflecting optimism for continued trade expansion in the coming years. (ILKHA)