Turkey’s July Trade Deficit Climbs to $7.3 Billion as Imports Surge to $32.99 Billion

Turkey’s July 2026 trade deficit reached $7.3 billion, driven by a +5.2 % rise in imports and a +2.9 % increase in exports compared to the same month last year.

July 2026 Trade Snapshot

■Exports: $25 621 million – +2.9 % YoY

■Imports: $32 989 million – +5.2 % YoY

■Total Trade: $58 610 million – +4.1 % YoY

Trade Balance Breakdown

■Export‑Import Coverage Ratio: 77.7 % (down 1.7 points)

■Excluding Energy: 89.4 % (down 0.3 points)

■Excluding Energy & Gold: 90.8 % (down 0.5 points)

Regional Highlights

■Top Exporters: Germany ($2 041 million), USA ($1 689 million), UK ($1 328 million)

■Top Importers: China ($5 048 million), Germany ($2 522 million), Russia ($2 117 million)

■Share of Top 10 Exporters: 44.8 %

■Share of Top 10 Importers: 53.5 %

Commodity Group Performance

■Raw Materials (Intermediate Goods) Exports: $13 327 million – +4.2 %

■Raw Materials Imports: $22 886 million – +11.9 %

■Consumer Goods Exports: $7 920 million – -0.1 %

■Consumer Goods Imports: $5 276 million – -1.3 %

■Capital Goods Exports: $3 654 million – -1.3 %

■Capital Goods Imports: $4 776 million – -11.5 %

Sectoral Composition

■Manufacturing Exports: $24 190 million – 94.4 %

■Agriculture, Forestry & Fisheries Exports: $765 million – 3.0 %

■Mining & Quarry Exports: $451 million – 1.8 %

■Manufacturing Imports: $27 121 million – 82.2 %

■Mining & Quarry Imports: $3 644 million – 11.0 %

■Agriculture, Forestry & Fisheries Imports: $1 297 million – 3.9 %

Turkey’s trade dynamics reveal a 90.8 % coverage ratio when excluding energy and gold, underscoring the importance of sustaining export growth in non‑commodity sectors. The sharp rise in raw‑material imports and the decline in capital‑goods imports highlight supply‑chain vulnerabilities and signal a need for strategic adjustments in domestic production and credit policies, especially given the tightening of SME lending and macro‑prudential safeguards.