Trade deficit widens 27.6 pct to $7.58 bln in October

ANKARA

Türkiye's foreign trade deficit widened by 27.6 percent in October compared to the same month last year, reaching $7.58 billion, the Turkish Statistical Institute (TÜİK) reported on Nov. 27.

According to data, exports rose 2 percent year-on-year to $23.94 billion, while imports increased 7.2 percent to $31.52 billion.

The coverage ratio of exports to imports fell to 76 percent from 79.8 percent in October 2024.

Over the January-October period, exports grew 3.9 percent to $224.47 billion, and imports rose 6.1 percent to $299.15 billion, pushing the cumulative deficit up 13.3 percent to $74.68 billion.

The coverage ratio slipped to 75 percent from 76.6 percent.

Germany topped export destinations in October at $2 billion, followed by the U.K. at $1.42 billion, the U.S. at $1.41 billion, Iraq at $1.21 billion and Italy at $1.15 billion.

These five countries accounted for 30.1 percent of total exports.

In imports, China led with $3.98 billion, followed by Russia, Germany, Switzerland and the U.S., comprising 43.9 percent of the total.

Excluding energy products and non-monetary gold, exports rose 3.8 percent to $22.83 billion, and imports increased 5.2 percent to $23.87 billion, resulting in a $1.04 billion surplus.