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)||(%)|
The chronic weakness of the Turkish lira (TRY) is credit negative for Turkey’s sovereign debt rating and poses ... more
A senior government official has signalled that Turkey may once again extend its state of emergency. “The need for an extension of the state of emergency is apparent. If parliament approves it, ... more
The scheduled delivery of Russian S-400 surface-to-air missile batteries to Turkey has been brought forward to July 2019 from the first quarter of 2020, the Turkish undersecretary for defence ... more