Türkiye locks all-time high monthly exports in May

Türkiye’s exports posted a record-high May figure of $24.1 billion, Trade Minister Omer Bolat announced Monday, with the country’s overseas shipments surging by 11.4% annually.

Addressing a news conference in Istanbul about Türkiye’s preliminary foreign trade data, Bolat said that the country’s foreign trade deficit plunged 47.8% to $6.5 billion in the same period, adding that the export-import coverage ratio rose by 15.3 percentage points to 78.7% in May.

In January-May, Türkiye’s exports hit $106.9 billion, a rise of 4.5% from last year, while its inbound shipments fell 9.3% to $143.7 billion.

Given the increase in exports and a decline in imports, Türkiye’s trade gap shrank at a 34.4% annualized pace to $36.8 billion in the five months.

‘Highest monthly export in country’s history’

Speaking alongside Türkiye Exporters Assembly (TIM) President Mustafa Gultepe at the TIM Foreign Trade Complex, Minister Bolat highlighted the pivotal role of government initiatives in boosting exports and curbing imports. He noted that of the 5.7% growth witnessed in the first quarter of 2024, 1.6% stemmed from foreign trade.

Amid a global decline in exports, Bolat emphasized Türkiye’s upward trajectory, with its share of global merchandise exports rising from 1.02% to 1.08%. Additionally, he underscored a rise in service exports’ global share from 1.25% to 1.29%.

“Today marks a momentous occasion as we announce the highest-ever May export figure in history,” Bolat said.

“With an 11.4% surge, reaching $24.1 billion, we have surpassed previous records. This achievement, a $2.5 billion increase from last May, signifies a historic milestone in our nation’s trade history,” he added.

Bolat also highlighted a record-breaking annualized export figure of $260.1 billion, signifying a notable $6 billion net increase over the past year.

Furthermore, the trade minister pointed out a significant decline in imports, down by 10.3% in May, which reduced the trade deficit.

He outlined a 48% decrease in the trade deficit year over year, plummeting to $6.5 billion in May from $12.5 billion in May 2023.

Looking ahead, Bolat expressed optimism for the tourism and logistics sectors, anticipating a surge in revenues during the upcoming months.

He projected a target of $110 billion in exports by year-end and outlined ambitious targets for subsequent years, aiming for a monthly export average of $24 billion by 2026.

With Türkiye’s economy poised for expansion and resilience in the face of global challenges, the nation is set to chart a path toward sustained growth and prosperity in the years to come.