Turkey Smashes Export Record in July, Announces Trade Minister
Turkey's Trade Minister Omer Bolat announced a historic achievement in July, with a record-breaking $25 billion worth of exports – the highest monthly export figure in Turkey's history [4]. This significant milestone comes as part of Bolat's description of July as a "legendary month" with six major achievements [1].
The foreign trade deficit in July dropped to $6.4 billion, marking the lowest deficit in the past nine months [2]. This is a narrowing compared to the same month last year and June, demonstrating a positive trend in Turkey's trade balance. Imports in July rose by 5.4 percent to $31.4 billion [2]. However, Bolat mentioned a slowdown in the pace of monthly import growth in July compared to the same month last year and June [1].
This record export figure also represents the highest 12-month cumulative goods export volume in Turkey's history [4]. The export-to-import coverage ratio improved in July, indicating a more favourable trade balance.
The growth in exports can be observed across various sectors. For instance, the UK imported £18.6 billion from Turkey in the four quarters ending Q1 2025, an 8.5% increase compared to the previous year [5]. UK imports of goods from Turkey in that period rose by 6.6%, and services by 13.7% [5]. However, the UK recorded a total trade deficit with Turkey of £9.5 billion, up from £7.4 billion in the previous year, exhibiting a growing trade imbalance [1].
Regarding trade with the US, Turkish exports were valued at approximately $1.2 billion as of June 2025 [3]. However, recent increases in US tariffs on Turkish goods (up to 15-25%) may negatively impact Turkish exports, especially in automotive, textiles, and steel sectors [3]. The Turkish Deputy Trade Minister noted the aim to diversify exports and increase Turkey's share in US imports to 1.5% of a $3.5 trillion market [3].
Turkey continues its trade diplomacy through multilateral, bilateral, regional, and global agreements. Positive progress has been made with the European Commission, with 14 trade barriers removed and nine to 10 remaining [4]. A directive was issued to grant longer-term visas to Turkish citizens who have previously traveled to the EU and returned regularly [4].
Looking ahead, the goal is to modernize the Customs Union and reach Turkey's services exports target of $121 billion for 2025 [4]. Turkey, under the leadership of its president, continues to be a pillar of stability in the economy, foreign policy, defense, transportation, and energy [4].
Despite the global challenges posed by conflicts disrupting global trade, growth, and commodity prices, including energy and gold, Turkey's trade statistics show a promising trajectory [4]. The next target for Turkey's exports is to reach $26 billion in monthly exports [4].
References:
[1] Anadolu Agency (2025). Turkey's exports up 7.9% in June, imports up 15.2%. [Online]. Available: https://www.aa.com.tr/en/economy/turkeys-exports-up-7-9-in-june-imports-up-15-2/2247932
[2] Anadolu Agency (2025). Turkey's trade deficit falls to $6.4 billion in July. [Online]. Available: https://www.aa.com.tr/en/economy/turkeys-trade-deficit-falls-to-6-4-billion-in-july/2254581
[3] Anadolu Agency (2025). Turkey's exports to US rise 11% in July. [Online]. Available: https://www.aa.com.tr/en/economy/turkeys-exports-to-us-rise-11-in-july/2254685
[4] Anadolu Agency (2025). Turkey records highest monthly export figure in history with $25 billion. [Online]. Available: https://www.aa.com.tr/en/economy/turkey-records-highest-monthly-export-figure-in-history-with-25-billion/2254678
[5] Office for National Statistics (2025). UK-Turkey Balance of Trade, Q1 2025. [Online]. Available: https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/timeseries/hg50/bulletins/uktradebalancewithturkeyq12025/2025-06-09
The historic $25 billion worth of exports in July indicates a strengthening position in the global finance industry. This record export figure also represents the highest 12-month cumulative goods export volume, signifying growth and development in Turkey's industry and finance sector.
