Türkiye’s foreign trade deficit expanded significantly in February 2025 as exports declined and imports increased, according to data released Thursday by the Turkish Statistical Institute (TurkStat).

Under the general trade system, exports fell by 1.6% year-on-year to $20.76 billion, while imports rose by 2.4% to $28.53 billion, pushing the trade deficit up by 14.8% to $7.77 billion compared to February 2024. The export-to-import coverage ratio dropped to 72.8%, down from 75.7% a year earlier.

For the first two months of 2025, exports reached $41.92 billion, a 2.0% increase from the same period last year. Imports, however, surged 5.9% to $57.24 billion, resulting in a foreign trade deficit of $15.31 billion, an 18.2% increase compared to the January–February 2024 period.

When excluding energy products and non-monetary gold, exports in February stood at $19.13 billion, down 2.3%, while imports decreased by 3.1% to $20.34 billion. The adjusted trade deficit was $1.21 billion, and the trade volume decreased by 2.7% to $39.46 billion. The export-to-import coverage ratio in this category was 94.1%.

Germany remained Türkiye’s top export destination in February 2025, with exports totaling $1.69 billion. It was followed by the UK ($1.25B), the US ($1.19B), Italy ($1.08B), and Iraq ($1.01B). These five countries accounted for 30% of total exports.

On the import side, Russia topped the list with $3.86 billion in goods, followed by China ($3.54B), Germany ($2.14B), the US ($1.27B), and Switzerland ($1.23B). The top five suppliers made up 42.2% of total imports.

Manufactured goods dominated Türkiye’s export profile, constituting 93.6% of total exports in February. Agriculture, forestry and fishing accounted for 4.3%, and mining and quarrying for 1.4%. On the import side, intermediate goods made up the bulk at 72.7%, followed by consumption goods (14.9%) and capital goods (12.2%).

High-tech products represented only 2.7% of Türkiye’s manufactured exports in February. In contrast, high-tech imports accounted for 10.4% of manufactured imports. The overall share of manufacturing products in total imports was 76.6%.

Under the special trade system, Türkiye’s exports in February amounted to $18.85 billion, a 2.0% decline compared to February 2024, while imports rose by 1.8% to $26.77 billion. This resulted in a trade deficit of $7.92 billion, up 11.9% year-on-year.

In the January–February period, special system exports increased by 2.6% to $38.12 billion, while imports grew by 5.1% to $53.7 billion, resulting in a $15.58 billion deficit, a 11.7% increase from the same period last year.

Seasonally and calendar-adjusted figures showed a 1.3% monthly decrease in exports and a 0.6% decrease in imports from January. However, calendar-adjusted year-on-year comparisons indicated a 1.8% rise in exports and a 6.0% increase in imports.

As global economic uncertainty continues and energy prices remain volatile, Türkiye’s foreign trade dynamics remain under pressure. The widening trade gap raises concerns about the country’s current account balance and may influence future fiscal and monetary policy directions. (ILKHA)