Türkiye’s May Trade Report: Exports Surge While Imports Decline, Latest Statistics Reveal

In May, Türkiye experienced a significant boost in its export figures, marking an impressive surge of 11.4 percent, which amounted to a total of $20 billion in exports, according to the latest data released. Conversely, imports during the same period witnessed a notable decline, plummeting by over 10 percent annually to $30.6 billion. This striking contrast led to a foreign trade deficit of $6.5 billion, a substantial decrease of 47.8 percent compared to the figures from May of the previous year.

Trade Minister Ömer Bolat hailed this achievement as a new milestone, noting that it represented a record high for the month of May. The export/import coverage ratio also showed remarkable improvement, surging by 15.3 points from the previous year to reach 78.7 percent in May. When excluding energy imports, this ratio stood even higher at 88.1 percent, as indicated by the latest data released by the ministry.

Germany emerged as the leading export market for Türkiye, with exports to Europe’s largest economy reaching $1.9 billion during the period under review. The United States closely followed in second place with $1.48 billion, trailed by the United Kingdom at $1.45 billion. Türkiye’s exports to the European Union collectively amounted to $9.93 billion during this period, showcasing the significance of the European market for Türkiye’s export economy.

On the import side, Türkiye procured goods worth $3.86 billion from China in the same month, while imports from Russia amounted to $3.78 billion. Meanwhile, imports from Germany totaled $2.28 billion, highlighting the diverse range of trading partners Türkiye engages with on the global stage.

In terms of import categories, the consumer goods sector experienced a notable surge, witnessing an increase of 19.8 percent compared to May 2023, reaching a total of $4.92 billion. Conversely, imports of intermediate goods saw a significant decline of 16.4 percent to $21 billion, while imports of capital goods experienced a more modest decrease of 5.4 percent, totaling $4.5 billion during the same period.

Looking at the broader picture encompassing the January-May period, Türkiye’s exports totaled $106 billion, representing a year-on-year increase of 4.5 percent. Meanwhile, imports during the same period decreased by 9.3 percent to $143.7 billion. Consequently, Türkiye’s foreign trade deficit contracted by 34.4 percent in the first five months of the year, reaching $36.8 billion, according to ministry data.