Mucahithan Avcioglu
04 June 2026•Update: 04 June 2026
- Exports dropped 9.3% to $22.5B in May, while imports fell 10.7% to $28.1BTürkiye’s foreign trade deficit narrowed 15.7% year-on-year to $42.7 billion in the first five months of 2026, as imports fell faster than exports in May, the nation’s trade minister said Thursday
Speaking at a news conference in the capital Ankara, Omer Bolat said exports fell 9.3% year-on-year to $22.5 billion in May, while imports dropped 10.7% to $28.1 billion.
Bolat said the decline in imports exceeded the fall in exports last month, supporting an improvement in the trade balance despite calendar effects and public holidays weighing on export performance.
“In May 2025, we broke the republic’s monthly export record with $24.8 billion. Public holidays in May naturally had a negative impact on exports, but they also reduced imports and the foreign trade deficit,” he said.
This January-May, Türkiye’s exports rose 0.3% to $111.2 billion, while imports climbed 1.2% to nearly $154 billion. Total foreign trade volume reached $265 billion, and the export-import coverage ratio stood at 72.2%.
Bolat said annualized exports reached $273.5 billion, while annualized imports rose 4.2% to $367.2 billion. The annualized foreign trade deficit stood at $93.65 billion, only $1.45 billion above the end-2025 level.
“However, we will make the real assessment after completing the first half of the year,” he said.
The annualized export-import coverage ratio was 74.5%.
Bolat said Türkiye’s imports were restrained in the first five months by lower gold imports and some slowdown in automotive imports, while oil imports rose by nearly $2.5 billion. Natural gas imports remained broadly unchanged.
He also said Türkiye’s medium-high and high-technology product exports accounted for 44% of total exports in the first five months.
The EU remained Türkiye’s largest export market, with shipments to the bloc rising 0.6% to $48.6 billion in January-May. The EU accounted for 43% of total exports, while Germany was Türkiye’s top export destination, followed by the US, UK, Italy, France and Iraq.
Bolat said exports to Gulf countries were hit by regional conflicts in March, when shipments fell 30% month-on-month, but recovered in April and followed a similar trend in May.
By product group, defense industry exports posted the largest rise in January-May, jumping $943 million. Ship exports rose $683 million, electrical machinery and equipment $604 million, motor vehicles $445 million, and fruit exports $322 million.
Bolat said Türkiye expects a record grain harvest this year, adding that some grain imports continue under inward processing arrangements for quality needs in flour and pasta exports.
He also said Türkiye’s services exports reached $122.6 billion last year, generating a $63.5 billion surplus, and the government targets $128 billion in services exports this year.
Bolat added that Türkiye was informed that Ukraine is expected to complete the approval process for a free trade agreement with Türkiye in the near future.
