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Türkiye Exports Surge to Record High in July
29 Aug
Summary
- July exports reached a record $25.62 billion, up 2.9% year-on-year.
- Annualized exports grew to $278.5 billion, nearing the $282 billion target.
- Trade deficit widened to $7.34 billion in July, with imports rising 5.1%.
Türkiye's export performance in July reached an all-time monthly high of $25.62 billion, signifying a 2.9% increase compared to the same period last year. This achievement marks the second-highest monthly export value on record.
For the January to July period, exports grew by 3.4% year-on-year, totaling $161.54 billion. The annualized export figure as of July climbed to $278.5 billion, a $9.2 billion increase from the previous year and nearing the government's target of $282 billion.
Imports in July saw a 5.1% rise to $32.97 billion, contributing to a foreign trade deficit that widened by 13.6% to $7.34 billion. The export-to-import coverage ratio slightly decreased to 77.7%.
Trade Minister Omer Bolat highlighted the resilience of exports despite geopolitical tensions and difficult international conditions. He affirmed the ministry's commitment to strengthening export potential and exceeding the Medium-Term Program target.
Germany was Türkiye's top export destination in July, with $2.04 billion in goods. China remained the largest source of imports, valued at $5.04 billion.
