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Turkey Trade

Turkey Trade

Merchandise Trade Balance in Turkey

The merchandise trade balance in Turkey averaged USD -51.0 billion in the decade to 2022. The 2022 reading was USD -89.6 billion. For more trade information, visit our dedicated page.

Turkey Trade Chart

Note: This chart displays Trade Balance (USD billion) for Turkey from 2014 to 2023.
Source: Central Bank Turkey.

Turkey Trade Data

2018 2019 2020 2021 2022
Merchandise Trade Balance (USD bn) -40.7 -16.8 -37.9 -29.3 -89.6

Current account deficit narrows in December

The current account recorded a USD 2.1 billion deficit in December, improving from the USD 2.8 billion deficit clocked in November (December 2022: USD 6.0 billion deficit). Meanwhile, the 12-month trailing current account deficit improved, coming in at USD 45.2 billion in December (November: USD 49.1 billion deficit). The merchandise trade balance deteriorated from the previous month, recording a USD 4.6 billion shortfall in December (November 2023: USD 4.5 billion deficit). Merchandise exports fell 0.9% annually in December, on the heels of November’s 3.0% rise. Meanwhile, merchandise imports slid 12.0% on an annual basis in December (November: -7.0% yoy).

Analysts at the EIU commented on the outlook: “We expect policy to be sufficiently tight in 2024 to limit domestic demand and lower the current-account deficit to about 3% of GDP, and to attract sufficient capital inflows to finance the deficit […] There is a risk of political pressures for more expansionary policies, particularly before the local elections in March. Weak export markets and/or a rise in global oil prices could also negatively affect the current-account deficit”

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 trade projections for the next ten years from a panel of 9 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 trade forecast available for Turkish trade.

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

Want to get access to the full dataset of Turkish trade forecasts? Send an email to

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