Exports increased by 2.5 percent compared to 2023, reaching 261 billion 925 million dollars. This increase represents the highest figure in Türkiye's export history. Meanwhile, imports declined by 4.9 percent to 344 billion 85 million dollars.
With this change, the foreign trade deficit decreased by 22.7 percent to 82 billion 160 million dollars. The ratio of exports to imports was recorded as 76.1 percent. While exports set a record, the decrease in the foreign trade deficit stood out as an important development.
December 2024 Data: Imports rise as exports continue to grow
As of December 2024, Türkiye's foreign trade volume increased by 7.2 percent compared to the same month of the previous year, reaching 55 billion 750 million dollars. Exports increased by 2.2 percent in December to 23 billion 463 million dollars, while imports rose by 11.1 percent to 32 billion 287 million dollars. However, foreign trade deficit increased by 44.7 percent to 8 billion 824 million dollars in this period.
The ratio of exports to imports was realized as 72.7 percent with a decrease of 6.3 points compared to the same month of the previous year. Excluding energy and gold data, this rate dropped to 87.9 percent.
Most Exports to Raw Materials and Germany
In 2024, the most exported product group was raw materials (intermediate goods). This group realized an export of 11 billion 107 million dollars with an increase of 1 percent. Consumer goods ranked second, while investment goods ranked third.
The share of the top 10 countries with the highest share in total exports was 46.5 percent. Germany was the country with the highest exports in December, ranking first with exports of 1 billion 645 million dollars. The US and the UK ranked second and third with exports of 1 billion 496 million dollars and 1 billion 358 million dollars, respectively.
Imports Increased in Raw Materials
On the import side, the highest increase was seen in the raw material (intermediate goods) group. This group reached 22 billion 166 million dollars with an increase of 11.8 percent. Imports of consumption goods increased by 27.1 percent, while imports of investment goods decreased by 6.2 percent. Most of the imports were made to meet the needs of the manufacturing industry.
The country with the highest imports was Russia with 4 billion 436 million dollars. China and Germany ranked second and third with 3 billion 884 million dollars and 2 billion 600 million dollars respectively. The share of the top 10 countries with the highest share in imports in total imports was determined as 58.6 percent.
Conclusion: Export Record and Decrease in Foreign Trade Deficit
2024 was a record year for Türkiye in terms of exports, while the foreign trade deficit also declined positively. These developments reinforced the improvement in Türkiye's foreign trade balance and its strong position in global trade.
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