Foreign trade statistics announced

Turkish economy posted a foreign trade deficit of 12.5 billion USD in May.

Thus, after the single-digit foreign trade deficit in March and April, double-digit levels were observed again.

In January, foreign trade deficit broke a record with 14.3 billion dollars.

Provisional data of the Ministry of Trade for May pointed to a foreign trade deficit of 12.7 billion dollars.

Record high in imports

According to TUIK data, exports increased by 14.4 percent in May 2023 compared to the same month of the previous year and amounted to 21 billion 659 million dollars, while imports increased by 15.5 percent to 34 billion 186 million dollars.

Thus, a monthly record was broken in imports.

Foreign trade deficit was 56 billion dollars in January-May period

According to the general trade system, exports increased by 0.1 percent in the January-May period of 2023 compared to the same period of the previous year and amounted to 102 billion 476 million dollars, imports increased by 8.8 percent and amounted to 158 billion 498 million dollars.

In the January-May period, foreign trade deficit increased by 29.3 percent from 43 billion 341 million dollars to 56 billion 22 million dollars. While the ratio of exports to imports was 70.2 percent in the January-May period of 2022, it decreased to 64.7 percent in the same period of 2023.

In the January-May period, the share of high-tech products in exports of manufacturing industry products was 3.7 percent.