Türkiye's trade gap at $10.7B in July

By Tuba Sahin

ANKARA (AA) - Türkiye’s foreign trade deficit rose to $10.7 billion in July, the country’s statistical authority announced on Monday.

The gap grew 147% from a year ago, TurkStat said in a statement.

Türkiye’s exports rose 13.4% year-on-year to hit $18.6 billion in July, while imports jumped 41.4% to reach $29.2 billion.

The exports-to-imports coverage ratio rose to 63.4% last month, versus 79.1% in July 2021.

This July, the country's main trading partner Germany received $1.5 billion worth of Turkish exports, followed by the US with $1.2 billion, the UK with $1.15 billion, and Iraq with $1 billion, TurkStat said.

On the other side of the ledger, the top country for Türkiye's imports last month was Russia with $4.4 billion, followed by China with $3.8 billion, Germany with $1.8 billion, and Switzerland with $1.5 million.

In January-July, Türkiye's foreign trade deficit widened by 143.7% on an annual basis to $62.2 billion.

The country's exports stood at $144.3 billion, up 19.1%, while imports totaled $206.5 billion, rising 40.7% during the seven-month period.