Türkiye Improves Q2 Trade Balance as Exports Offset 32.4% Jump in Energy Imports
Updated
Updated · Daily Sabah · Jul 6
Türkiye Improves Q2 Trade Balance as Exports Offset 32.4% Jump in Energy Imports
3 articles · Updated · Daily Sabah · Jul 6
Summary
Türkiye’s central bank said Q2 foreign trade improved despite war-driven energy costs, with resilient exports and weaker non-energy imports cushioning the hit to the external balance.
Brent crude averaged 55.2% higher than a year earlier and natural gas rose 28.2%, pushing calendar-adjusted energy imports up 32.4%, though recent price easing may slow that pressure with a lag.
Exports recovered through the quarter after a March drop to Middle Eastern markets, helped by buyers shifting orders to Türkiye as Strait of Hormuz disruptions lifted freight and insurance costs.
Europe drove much of the added demand through precautionary buying, boosting chemicals and base metals, while supplier diversification supported apparel and textiles; defense exports now make up 4% of total shipments.
Weak domestic demand under tight monetary policy also cut investment and consumer-goods imports, leading the CBRT to say war-related upside risks to the current account deficit have diminished from a few months ago.