Türkiye’s foreign trade performance showed significant shifts in December 2024, with both exports and imports experiencing notable increases, according to provisional data released by the Turkish Statistical Institute.

The data highlights positive growth in exports while reflecting a widening trade deficit on a monthly basis. However, the annual trade deficit saw a considerable decline.

In December 2024, Türkiye’s exports rose by 2.1% compared to the same month in 2023, reaching $23.44 billion. Imports, on the other hand, increased by 10.9%, totaling $32.22 billion.

For the January-December 2024 period, exports recorded a 2.4% growth, amounting to $261.86 billion, while imports declined by 5.0% to $344.02 billion, signaling an improvement in Türkiye’s trade balance over the year.

The foreign trade deficit in December 2024 expanded by 43.9%, reaching $8.78 billion, as imports grew at a faster pace than exports. The exports-to-imports coverage ratio declined to 72.8% from 79.0% in December 2023.

However, on an annual basis, the trade deficit decreased significantly by 22.7%, totaling $82.17 billion for the entire 2024 period, reflecting a more balanced trade structure. The annual exports-to-imports coverage ratio improved from 70.6% in 2023 to 76.1% in 2024.

In December 2024, manufacturing industry products accounted for 93.7% of Türkiye’s total exports, followed by agriculture, forestry, and fishing at 4.1%, and mining and quarrying at 1.6%.

For total imports, intermediate goods dominated with a share of 68.6%, followed by capital goods (14.3%) and consumer goods (16.8%). The annual breakdown showed that intermediate goods made up 69.3% of all imports in 2024.

Germany remained Türkiye's primary export partner in December 2024, with exports worth $1.644 billion, followed by the USA, the United Kingdom, Iraq, and Italy. These five countries collectively accounted for 29.6% of total exports in December.

In terms of imports, Russia topped the list with $4.540 billion, followed by China, Germany, Italy, and Switzerland. These countries represented 44.2% of total imports in December.

The share of high-technology products in manufacturing exports was 4.7% in December 2024, while high-tech imports constituted 11.0% of total manufacturing industry imports. Throughout 2024, the ratio of high-tech exports stood at 3.6%, while high-tech imports accounted for 11.1%.

In December 2024, seasonally and calendar-adjusted exports increased by 2.8%, while imports rose by 1.1% compared to the previous month. However, calendar-adjusted data showed a 0.2% decrease in exports and a 7.1% increase in imports compared to December 2023.

Under the special trade system, December 2024 exports totaled $21.23 billion, reflecting a 2.8% increase, while imports rose by 11.3% to $30.41 billion. The foreign trade deficit under this system widened by 37.7% to $9.19 billion. However, for the January-December 2024 period, the trade deficit under the special trade system fell by 21.5% to $83.85 billion, with exports totaling $237.56 billion and imports reaching $321.41 billion.

Türkiye’s trade performance in 2024 reflects resilience in exports amid global economic uncertainties and a notable reduction in the annual trade deficit. While December’s deficit widened, the overall trend suggests improving trade balances, driven by reduced import dependency and strategic export growth. The government is expected to continue efforts to strengthen exports, enhance technological production, and maintain trade balance stability in 2025. (ILKHA)