Türkiye’s trade deficit narrows by 48% in May

According to official data released on Friday, Türkiye’s trade gap narrowed by 48% from a year ago to $6.5 billion in May.

Turkish exports surged by 11.3% year-on-year to $24.1 billion in May, while imports fell by 10.4% to $30.6 billion, as reported by the Turkish Statistical Institute (TurkStat).

Türkiye experienced a $2 billion foreign trade deficit in May, excluding energy products and non-monetary gold.

The exports-to-imports coverage ratio rose to 78.7% this May, up from 63.4% last year.

Türkiye’s trade partners

Türkiye’s exports to its main trading partner, Germany, amounted to $1.9 billion in May, followed by the UK with $1.52 billion, the US with $1.48 billion, Iraq with $1.15 billion, and Italy with $1.12 billion.

China was the top source of Türkiye’s imports in May, totaling $3.86 billion, followed by Russia with $3.78 billion, Germany with $2.28 billion, Italy with $1.88 billion, and the US with $1.46 billion.

Cumulative figures

Türkiye’s exports increased by 4.5% year-on-year to $106.9 billion from January to May. Imports, on the other hand, dropped by 9.2% to $143.7 billion in the same period.

Türkiye’s foreign trade deficit narrowed by 34.3% from last year to $56 billion in the first five months of the year.