UPDATE - Türkiye's monthly exports surge 11% in July to new record high

​​​​​​​ADDS TRADE MINISTER'S REMARKS, EDITS THROUGHOUT

By Mucahithan Avcioglu

ISTANBUL (AA) - Turkish exports posted a rise of 11% on an annual basis to hit an all-time high of $24.94 billion in July, according to data released Thursday from the Turkish Statistical Institute (TurkStat).

Imports also increased 5.4% year-on-year to $31.38 billion, resulting in a trade deficit of $6.4 billion, down 11.8%, to the lowest in nine months.

Excluding energy and non-monetary gold, the foreign trade deficit was $2.18 billion, the data showed.

The ratios of the manufacturing industries' products, agriculture, forestry and fishing, and mining and quarrying sectors in total exports were 95.5%, 2.2%, and 1.6%, respectively.

High-tech's share in manufacturing was at 4.2%, and medium-high tech's share was at 41.6% in July.

The top destination for Turkish exports was Germany with $1.97 billion, followed by the UK with $1.69 billion and the US with $1.57 billion.

China was the top source of imports to Türkiye with $4.64 billion, followed by Russia with $3.56 billion and Germany with $3 billion.

From January-July, exports totaled $156.3 billion, up 5.1%, and imports were at $212.22 billion, up 6.9%.

The foreign trade deficit in the seven-month period was $55.9 billion, up 12.2% compared to the same period in 2024.

Trade Minister Omer Bolat said that in July, exports broke the highest monthly record in the history of Türkiye.

"Our annualized exports also hit an all-time high of $269.4 billion and reached the $270 billion mark," he wrote on Turkish social media platform NSosyal.

Bolat noted that the export-to-import ratio has risen to 79.5%, the highest in the last nine months.

"With rising exports of goods and services, a current account surplus is expected in July," he added.