Foreign trade deficit narrowed by 48 percent in May

Turkish Statistical Institute (TÜİK) announced foreign trade data for May. Accordingly, exports increased by 11.3 percent in May 2024 compared to the same month of the previous year and amounted to 24 billion 66 million dollars, while imports decreased by 10.4 percent to 30 billion 568 million dollars. Accordingly, foreign trade deficit decreased by 48 percent in May compared to the same month of the previous year, from 12 billion 495 million dollars to 6 billion 502 million dollars.

According to the general trade system, exports increased by 4.5 percent in the January-May period of 2024 compared to the same period of the previous year and amounted to 106 billion 877 million dollars, while imports decreased by 9.2 percent to 143 billion 682 million dollars.

Exports excluding energy products and non-monetary gold increased by 9.2 percent in May 2024, from 20 billion 112 million dollars to 21 billion 969 million dollars.

In May, imports excluding energy products and non-monetary gold decreased by 8.0 percent from 26 billion 65 million dollars to 23 billion 971 million dollars.

Foreign trade deficit excluding energy products and non-monetary gold was realized as 2 billion 2 million dollars in May. Foreign trade volume decreased by 0.5 percent to 45 billion 940 million dollars. In the said month, the ratio of exports to imports excluding energy and gold was 91.7 percent.