Exports reach $42 billion, rising 2 percent in January-February
ANKARA
Türkiye’s exports increased by 2.1 percent year-on-year in the first two months of 2025 to hit $41.94 billion, according to data from the Trade Ministry on March 4.
In January-February, imports grew 6 percent annually to $57.6 billion, leading to a foreign trade deficit of $15.7 billion, up 21.2 percent from the same period of last year.
The automotive sector was the largest exporting industry during this period, with its shipments to foreign markets rising 1.3 percent annually to $5.98 billion.
Ready-wear and confection exports were down 5 percent to $2.77 billion, claiming the second spot.
The jewelry sector recorded the highest annual increase in exports at 113.4 percent to $2.03 billion.
In February alone, exports were down 1.5 percent year-on-year to $20.8 billion, showed data from the ministry.
Imports increased by 3.8 percent annually to $28.93 billion in the month, leading to a foreign trade deficit of $8.16 billion, a 20.5 percent increase from a year ago.
Exports in February declined due to the calendar effect -fewer working days compared to the same month of last year, according to Trade Minister Ömer Bolat.
Bolat said harsh weather conditions also impacted exports last month.
The export/import coverage ratio was 71.8 percent in February, down from 75.7 percent a year ago.
Excluding energy and gold trade, the coverage ratio was 94.1 percent.
Germany remained Türkiye’s largest export market at $1.69 billion, followed by the U.S. at $1.2 billion and the U.K. at $1.18 billion.
Russia was the largest supplier of goods to Türkiye, with imports from this country amounting to $3.98 billion last month.
Imports from China and the U.S. were $3.55 billion and $2.42 billion, respectively.
Türkiye’s intermediate goods imports surged more than 10 percent in February compared to the same month last year to $21.14 billion.
The country also imported $4.25 billion worth of consumer goods, down 0.5 percent annually, while capital goods imports plunged 21 percent to $3.47 billion, showed the ministry data.
Türkiye’s exports increased by 2.2 percent in 2024 to hit an all-time high of $262 billion. The country’s foreign trade deficit shrank nearly 23 percent to $82.2 billion last year.
Net external demand added 1.1 points to the Turkish growth last year, when the economy expanded by 3.2 percent annually to reach the size of $1.32 trillion.
The government has set the 2025 export revenue target at $279.6 billion and forecasts that exports will further increase to $296.1 billion in 2026 and $319.6 billion in 2027.
