FX.co ★ Turkey Trade Deficit Widens in January

Turkey's trade deficit expanded to USD 8.35 billion in January 2026, up from USD 7.51 billion in the same period the previous year, as per preliminary figures provided by the Trade Ministry. Imports increased marginally by 0.03% year-on-year, reaching USD 28.68 billion. This rise was driven by a notable increase in purchases of investment goods (up by 9.6%) and other goods (up by 195.4%), although there was a decline in the importation of raw materials (down by 1.0%) and consumer goods (down by 5.6%). The primary sources for imports were China (USD 4.28 billion), Russia (USD 2.94 billion), and the United States (USD 2.87 billion), collectively accounting for 59.3% of total imports. On the export side, there was a 3.9% decrease to USD 20.33 billion, impacted by a reduction in the export of raw materials (down by 4.4%) and consumer goods (down by 10.6%). However, exports of capital goods increased by 5.8%, and exports of other goods surged by 287.0%. Key export destinations included Germany (USD 1.78 billion), the US (USD 1.22 billion), and the UK (USD 1.21 billion), with the top 10 export markets comprising 47.8% of total shipments.