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Türkiye recorded its lowest monthly trade deficit in 46 months in August, as falling imports and steady exports narrowed the gap to $4.2 billion, Trade Minister Omer Bolat said on Wednesday.
Bolat told a press conference in Sakarya that the deficit fell 16.7% from a year earlier, as imports also dropped 3.9% from a year earlier to $26 billion, their lowest level in 14 months.
He said this development was "a positive outcome in terms of reducing the trade deficit."
Exports, meanwhile, stood at $21.8 billion, just 0.9% lower than last year.
Bolat pointed out that seasonal factors largely shaped the August figure.
"Factories often halt operations in August for annual maintenance and employee leave, which explains the limited decline," he said.
He noted that companies had raised shipments in July by $2.5 billion compared with the previous month, effectively front-loading exports before the August slowdown.
Overall, Türkiye’s exports from January through August increased 4.3% compared with a year earlier to $178.1 billion.
Imports during the same period rose 5.6% to $238 billion, leaving a deficit of $60.1 billion.
Bolat highlighted that the ratio of the deficit to total trade flows had eased to 9.6% in August, compared with 13–14% earlier in the year.
Looking at the longer-term picture, exports over the past 12 months reached $269.2 billion, while imports totaled $340.5 billion.
The trade deficit widened to $87.5 billion, up from $82.2 billion a year earlier. The export-to-import coverage ratio, which measures the extent to which exports offset imports, slipped to 75.5% from 76.9%.
Bolat underscored the role of services exports—including tourism, transport, and overseas contracting projects—in stabilizing the external balance.
"Our year-end target of $121 billion in services exports will be comfortably met," he said, noting that the 12-month total had already reached $117 billion as of June.
Combined goods and services exports are projected to surpass $390 billion in 2025, compared with $377 billion last year.
The minister also noted that Türkiye’s economy accelerated in the second quarter as gross domestic product (GDP) expanded by 4.8%, offsetting the slower 2.3% growth recorded in the previous quarter.
He added that the Turkish economy is on course to reach a GDP of $1.5 trillion by year-end.
"The economy gained momentum in the second quarter, and we expect this pace to continue into the autumn months," Bolat said.
Bolat stressed that the government remained focused on narrowing external imbalances.
“Economic balances are improving rapidly, and we expect these positive trends to continue in the months ahead,” he said.
Türkiye’s current account balance-to-GDP ratio widened to -1.29% in the second quarter of 2025, according to the Turkish central bank.
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