Turkiye's exports rise by 14.4% YoY, imports by 15.5% YoY in May 2023

Provisional data by the Turkish Statistical Institute and the ministry of trade shows that exports were worth $21.659 billion during the month, while imports were worth $34.186 billion.

The foreign trade deficit was worth $12.527 billion in May—a 17.6 per cent YoY increase.

Exports and imports increased by 0.1 per cent and 8.8 per cent YoY respectively between January and May this year. During the five-month period, exports were worth $102.476 billion and imports were worth $158.498 billion.

Foreign trade deficit increased by 29.3 per cent YoY during the period, worth $56.22 billion.

The share of manufacturing industries products in total exports was 95.1 per cent in May, while it was 94.6 per cent for the five-month period.

Turkiye’s main partner country for exports in May was Germany, with exports worth $1.811 billion. It was followed by the United States ($1.306 billion), the United Kingdom ($1.56 billion), Iraq ($1.11 billion) and Italy ($1.4 billion). The ratio of these first five countries in total exports was 28.6 per cent in May.

In the January-May 2023 period, the main partner country for exports was again Germany, with exports worth $8.924 billion. It was followed by the United States ($6.58 billion), Italy ($5.152 billion), the United Kingdom ($4.934 billion) and Russia ($4.858 billion). The ratio of these five countries in total exports was 29.2 per cent during the period.

The top country for imports in May was Russia, with imports worth $4.569 billion. It was followed by China ($4.347 billion), Germany ($2.671 billion), the United Arab Emirates ($1.809 billion) and the United States ($1.633 billion). The ratio of these five countries in total imports was 44 per cent in the month.

In January-May 2023 period, the top country for imports was again Russia, with imports worth $21.822 billion. It was followed by China ($18.483 billion), Germany ($11.428 billion), Switzerland ($10.478 billion) and the United States ($6.454 billion). The ratio of these countries in total imports was 43.3 per cent during the period.

Fibre2Fashion News Desk (DS)