Turkey's Euro Foreign Trade Surpasses $1 Trillion

Türkiye’s Foreign Trade in Euros Surpasses $1 Trillion Milestone

Recent data reveals a significant shift in Türkiye's international trade patterns, with the total value of euro-denominated commerce exceeding $1 trillion over a recent five-year span. This milestone underscores the growing prominence of the European currency in the country's external transactions.

According to official figures from the Turkish Statistical Institute (TÜİK), the cumulative trade volume conducted in euros from 2021 through the first eleven months of 2025 reached approximately $1.054 trillion. A detailed breakdown shows exports accounted for $579.7 billion, while imports totaled $474.7 billion.

"The consistent year-on-year growth in euro-based trade highlights its entrenched role alongside the U.S. dollar and Turkish lira. This diversification in transaction currencies can be a strategic buffer against exchange rate volatility," noted a market analyst.

Year-by-Year Breakdown of Euro Trade

The following chronological analysis illustrates the steady upward trajectory:

• 2021: Exports: $103.7B | Imports: $78.8B | Total Volume: $182.5B
• 2022: Exports: $113.7B | Imports: $88.1B | Total Volume: $201.8B +10.6% growth in exports
• 2023: Exports: $117.8B | Imports: $103.9B | Total Volume: $221.7B
• 2024: Exports: $122.7B | Imports: $103.8B | Total Volume: $226.5B
• 2025 (Jan-Nov): Exports: $121.9B | Imports: $100.1B | Total Volume: $222.1B On pace to exceed 2024 annual total

Implications and Context

The data points to a deliberate and sustained increase in the use of the euro. This trend is influenced by several key factors:

1. Geographic trade ties with the European Union, Türkiye's largest trading partner.
2. Efforts by businesses to manage foreign exchange risk by diversifying currency holdings.
3. Long-term contracts and energy imports often denominated in euros.

Financial experts warn that while euro usage is growing, sharp fluctuations in the EUR/TRY exchange rate can still pose significant cost risks for importers and affect exporters' profitability.

The technical landscape of international trade finance, involving letters of credit (LCs) and currency swaps, has adapted to accommodate this multi-currency reality. The euro has firmly established itself as the second major international currency in Türkiye's trade ledger, moving beyond a niche role.

In summary, surpassing the $1 trillion threshold in euro-based trade over five years is a clear indicator of the currency's structural integration into Türkiye's economy. This trend is expected to continue, reflecting deeper economic integration with Europe and a strategic approach to global finance.