Turkey's trade deficit falls to lowest level in nearly four years: What to know

Turkey’s trade deficit in August shrank to its lowest level in nearly four years, official data showed Wednesday, driven mainly by a steep fall in imports.

What happened: Exports fell slightly by 0.9% year-over-year to $21.8 billion last month, while imports tumbled 3.9% to $25.96 billion, Trade Minister Omer Bolat said, citing his ministry’s figures at an event in the northwestern Sakarya province.

It was the first drop in imports in 11 months, leading Turkey’s trade deficit to shrink to $4.17 billion, 16.7% lower than August 2024, and the lowest level in 46 months, Bolat said.

Germany was Turkey’s largest export market in August, with shipments totaling $1.78 billion, followed by the United States with $1.28 billion and the United Kingdom with $1.16 billion. The country’s top export categories were automobiles ($2.3 billion), boilers and machinery ($2.2 billion), and electrical equipment ($1.4 billion).