Türkiye breaks daily export record

ISTANBUL

Türkiye’s exports have hit $2.12 billion on June 23, marking an highest figure on record on a daily basis, Trade Minister Ömer Bolat said.

The daily record export revenue, achieved despite the slowdown in global economy and trade, proved the Turkish exporters’ resilience and dynamism, commented Bolat on Twitter.

He noted that the Eurozone PMI retreated to 43.6, while it fell to a 37-month low of 41 in Germany, which is Türkiye’s largest export market.

Bolat recalled that the country’s annual export revenue was $1.75 billion in 1977.

Türkiye’s exports increased more than 14 percent year-on-year to $21.7 billion in May, after plunging 17 percent in the previous month.

Exports to Germany amounted to $1.8 billion last month, the foreign trade data from the Turkish Statistical Institute (TÜİK) released last week.

In the January-May period, exports to Germany stood at $8.9 billion.

In the first five months of 2023, the European Union absorbed 42 percent - or $43.2 billion - of Türkiye’s exports.

From January to May, the country’s export revenues inched up 0.1 percent from a year earlier to $102.5 billion.

Imports grew 15.5 percent in May year-on-year, leading to a 17.6 percent increase in the foreign trade deficit to $12.6 billion.

In the January-May period imports rose by 8.8 percent to $159 billion, while the foreign trade gap widened 29.3 percent to $56 billion.

“Our priority in the upcoming period is to ensure a healthy economic expansion and reduce external pressures which harm macroeconomic stability by keeping the pace of sustainable growth in value-added exports and to reduce imports,” Bolat also said.

A favorable environment will be created for investors, the minister added.