Türkiye's foreign trade gap narrows 22.7% in 2024

ISTANBUL

Türkiye's foreign trade deficit shrank 22.7% to $82.16 billion year-on-year in 2024, the Turkish Statistical Institute said on Friday.

The country's exports totaled $261.8 billion in 2024, up 2.4%, while imports amounted to $344 billion, down 5%, official figures showed.

The export-import coverage ratio improved from 70.6% to 76.1% from 2023 to 2024.

In 2024, according to economic activities, the shares in total exports of manufacturing industries products, agriculture, forestry and fishing, and mining and quarrying were 94.1%, 3.6%, and 1.7%, respectively.

Last year, the main destination for Turkish exports was Germany with $20.4 billion, followed by the US and UK.

China was the main source for Türkiye's imports with $44.9 billion, followed by Russia and Germany.