UPDATE - Türkiye's exports total $20.3B in January

ADDS TRADE MINISTER'S COMMENTS

By Mucahithan Avcioglu

ISTANBUL (AA) - Turkish exports amounted to $20.31 billion in January, down 4% on a yearly basis, according to data from the Turkish Statistical Institute (TurkStat) on Thursday.

The country's imports edged up 0.1% to $28.69 billion in January, resulting in a trade deficit of $8.38 billion, up 11.6%.

Excluding energy and non-monetary gold, the foreign trade balance posted a deficit of $2.8 billion in January, the data showed.

In January, the ratios of the manufacturing industries' products sector, agriculture, forestry and fishing sector, and the mining and quarrying sector in total exports were 92.7%, 4.8%, and 1.8%, respectively.

High-tech's share in the manufacturing side was at 3.3%, and medium-high tech's share was at 40.2% in January.

The top destination country for Turkish exports was Germany with $1.78 billion, followed by the UK with $1.28 billion and the US with $1.21 billion.

China was the top source of imports to Türkiye with $4.28 billion, followed by Russia with $3.02 billion and Germany with $1.87 billion.

Trade Minister Omer Bolat said the decline in January exports was partly due to a negative calendar impact from one additional holiday compared with the same month last year.

“Despite the worsening competition in the global economy, increasing protectionism, weak external demand, and ongoing turmoil in our immediate region, we are working with all our might to maintain the upward trend in our exports,” Bolat said in a statement.

He said annualized exports as of January rose by $9.5 billion from the same month last year to reach $272.5 billion, compared with $262.9 billion in January 2025.

Bolat also cited a 33.7% drop in precious metals and gemstones exports, driven by fluctuations in gold and silver prices, as a factor behind the monthly decline.

He added that Brent crude prices averaged around $76 per barrel in January last year but hovered near $65 in the same month this year.

With the downward pressure on energy exports in terms of price, exports of mineral fuels and oils decreased by 28.5% to $921.9 million, Bolat said.