Turkey’s foreign trade deficit fell by 8% y/y to $6.81bn in May, as exports and imports declined 18% y/y and 14% y/y, respectively, preliminary data of the ministry of customs and trade showed on June 9.
Exports amounted to $11.1bn while automotive exports, which was hit by employee protests during the month, fell by 30% y/y to $1.15bn and machinery exports were down 20% y/y to $970mn.
The ministry reported that intermediate goods and consumer goods imports fell by 19% y/y and 7% y/y, respectively and capital goods imports rose by 0.78% y/y. Turkey paid a $3.36bn for energy imports in May, representing a 24% y/y decline.
In the first five months of the year, Turkey’s foreign trade gap narrowed 16% y/y to $27bn. Exports fell by 8% y/y to $61.5bn and imports declined by 11% y/y to $88.5bn, according to the ministry’s data.
|Turkey's Foreign Trade|
|($ bn)||(%)||($ bn)||(%)||($ bn)||(%)|
Turkey will not extradite any terror suspects to the US if Washington continues to refuse to hand over Fethullah Gulen, President Recep Tayyip Erdogan said on January 11. Ankara blames the ... more
The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more
EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more