India’s trade surplus with Türkiye falls to a decade low in FY25

New delhi New Delhi: India’s goods trade surplus with Turkey fell to a nearly a decade low of $2.7 billion in FY25, continuing a three-year decline that has brought it back to pre-Covid levels, commerce ministry data showed.
The data shows a steady decline in both exports and imports since FY23, reversing the sharp post-pandemic surge seen in FY22. The slowdown may continue in FY26 as well with trade ties between the two countries softening amid growing demands for disengagement with Turkey following tensions between India and Pakistan.

Exports to Turkey fell 14% to $5.72 billion in FY25, while imports fell 21% to nearly $3 billion, narrowing the trade surplus to $2.7 billion. India’s total merchandise trade deficit stood at $282.83 billion in FY25.

The goods surplus with Turkey was valued at $3.42 billion in FY17 and witnessed marginal fluctuations until a sharp jump to $6.72 billion in FY22.

It has declined since then, falling to $5.4 billion in FY23, $2.86 billion in FY24 and $2.7 billion in FY25. Experts said the fall in India’s exports to Turkey is mainly due to a sharp drop in some high-value goods.