Exports bounce back in May, climbing to $21.7 bln

ANKARA

Türkiye’s exports bounced back in May after plunging more than 17 percent in April, data from the Trade Ministry have shown.

Export last month amounted to $21.65 billion, rising by a strong 14.4 percent from May 2022. In April, the country’s exports stood at $19.3 billion.

“At $21.7 billion, exports marked an all-time-high May figure. Exports will continue to be the main driver of our [economic] growth,” commented Trade Minister Mehmet Muş on Twitter.

Imports exhibited an annual increase of 16 percent on an annual basis to touch $34.3 billion, the data also showed.

Consequently, the country’s foreign trade deficit widened by nearly 19 percent in May compared with the same month of last year to $12.66 billion.

The export/import coverage ratio was 63.1 percent last month, declining from 64 percent a year earlier.

When energy trade is excluded the export/import coverage ratio was 70.1 percent in May, the ministry said.

Shipments to Germany stood at $1.81 billion, making it Türkiye’s largest export market. The U.S. ranked second at $1.3 billion, followed by the U.K. at $1 billion.

Exports to the European Union amounted to more than $9 billion, while exports to other European countries were $3.4 billion.

The country’s intermediate goods exports rose 5.3 percent year-on-year to $11 billion, while consumer goods exports climbed nearly 21 percent to $7.5 billion. Capital goods imports increased by 37.3 percent from the first five months of 2022 to $2.6 billion.

Imports from Russia stood at $4.6 billion, according to the ministry. Türkiye bought $4.35 billion worth of goods from China last month, and imports from Germany stood at $2.7 billion.

Intermediate goods accounted for 74 percent - or $25.4 billion - of all imports. Türkiye increased its import of intermediate goods by 5.6 percent from May 2022.

Capital goods imports leaped nearly 51 percent year-on-year to $4.77 billion, while consumer goods imports surged more than 75 percent to $4.11 billion.

In the first five months of 2023, exports neared $103 billion, rising 0.2 percent from a year ago, while imports rose 8.9 percent to $159 billion.

In its latest edition of the medium-term program, the government forecast that exports would rise to $265 billion this year, while it forecast imports at $345 billion.