Türkiye posted an annual trade deficit of $12.5 billion in May

Ankara

Turkey’s annual trade deficit rose 17.6% to US$12.5 billion in May, according to data published on Friday by the Turkish Statistical Institute (TÜIK, acronym in Turkish).

Exports grew 14.4% over the previous year, reaching US$21.7 billion in May, while imports increased by 15.5%, reaching US$34.2 billion.

Excluding energy products and non-cash gold, Turkey recorded a foreign trade deficit of $5.9 billion last month, while the ratio of coverage of exports to imports decreased to 63.4%, compared to 64% in May 2022.

See also: Turkey’s foreign trade deficit increased by 12.9% in 2022 to $109.5 billion

Germany, Turkey’s main trading partner, received $1.8 billion worth of Turkish exports in May. Other significant shipments abroad were to the United States: $1.3 billion, the United Kingdom: $1.1 billion, Iraq: $1.01 billion, and Italy: $1 billion.

Russia was the main source of incoming shipments to Turkey in May, with a value of $4.6 billion, followed by China ($4.3 billion), Germany ($2.7 billion), the United Arab Emirates ($1.8 billion) and the United States ($1.6 billion).

Between January and May, Turkey’s foreign shipments registered a slight increase of 0.1% over the previous year to reach USD 102.5 billion, while its imports also increased by 8.8% to USD 158.5 billion.

Turkey’s annual foreign trade deficit widened by 29.3% to $43.3 billion in the first five months of this year.

*Translated by Daniel Gallego.

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