Turkey’s import-export balance: Highest deficit in foreign trade in last 27 years

The foreign trade deficit in Turkey exceeded 110 billion dollars in 2022. This was the highest foreign trade deficit seen since 1996.

The ratio of exports to imports was 70 percent in 2022. in 2022, both exports and imports reached the highest level in the last 27 years.

The Ministry of Commerce announced the foreign trade statistics for the year 2022. In 2022, exports reached $ 254.2 billion with an increase of 12.9 percent compared to the previous year, while imports reached $ 364.4 billion with an increase of 34.3 percent. The foreign trade deficit was 110.2 billion dollars.

The Turkish Statistical Institute (TURKSTAT) has been showing foreign trade data since 1996. Therefore, the analysis in the news covers the last 27 years.