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Turkey Merchandise Exports

Turkey Merchandise Exports

Merchandise Exports in Turkey

Merchandise exports from Turkey were worth USD 253 billion in 2022 compared to USD 167 billion ten years earlier, and averaged USD 182 billion over the last decade. For more exports information, visit our dedicated page.

Turkey Merchandise Exports Chart

Note: This chart displays Exports (USD billion) for Turkey from 2013 to 2022.
Source: Central Bank Turkey.

Turkey Merchandise Exports Data

2018 2019 2020 2021 2022
Merchandise Exports (USD bn) 179 182 168 225 253
Merchandise Exports (ann. var. %) 5.7 1.8 -7.6 33.4 12.8

Current account swings to surplus in September

The current account posted a USD 1.9 billion surplus in September, improving from the USD 0.4 billion deficit booked in August (September 2022: USD 3.0 billion deficit). The reading was supported by robust tourism inflows. Meanwhile, the 12-month trailing current account deficit improved, coming in at USD 51.7 billion in September (August: USD 56.6 billion deficit). The merchandise trade balance improved from the previous month, recording a USD 3.7 billion deficit in September (August 2023: USD 7.1 billion deficit). Merchandise exports declined 2.7% year-on-year in September, contrasting August’s 0.5% increase. Meanwhile, merchandise imports plunged 16.4% on an annual basis in September (August: -7.9% yoy).

Analysts at the EIU commented on the outlook: “Policy tightening will help to reduce the current-account deficit from an estimated 4.6% of GDP in 2023 to about 3% in 2024 as a result of lower domestic demand. Easing global commodity prices should also curb the rise in import costs. Meanwhile, a still-strong tourism sector and a recovery in external demand will support trade and services exports.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Turkish merchandise exports projections for the next ten years from a panel of 11 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise exports forecast available for Turkish merchandise exports.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Turkish merchandise exports projections.

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