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.
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