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According to TURKSTAT data, the foreign trade deficit, which reached the highest level of nine months last April, decreased by 48 percent in May to 6 billion 502 million dollars.
The data, jointly handled by the Turkish Statistical Institute and the Ministry of Trade, provides essential information on Turkey's foreign trade. In this context, TurkStat reported that the country's exports increased by 11.3 percent in May to 24 billion 66 million dollars, while imports decreased by 10.4 percent to 30 billion 568 million dollars. Thus, the foreign trade deficit decreased by 48 percent in May, and the ratio of exports to imports increased from 63.4 to 78.7.
January-May Period
In the January-May period, compared to the same period of the previous year, exports increased by 4.5 percent to 106 billion 877 million dollars, while imports decreased by 9.2 percent to 143 billion 682 million dollars.
Moreover, the foreign trade deficit in the January-May period decreased by 34.3 percent from 56 billion 33 million dollars to 36 billion 805 million dollars. This led to a significant increase in the ratio of exports to imports, from 64.6 percent to 74.4 percent in the January-May 2023 period, instilling confidence in our economic performance.
Decline in Imports Excluding Gold Draws Attention
In May, imports excluding energy products and non-monetary gold decreased by 8 percent from 26 billion 65 million dollars to 23 billion 971 million dollars. However, the foreign trade deficit, excluding energy products and non-monetary gold, was a concerning 2 billion 2 million dollars in May. The foreign trade volume also decreased by 0.5 percent to 45 billion 940 million dollars. In the said month, the ratio of exports to imports excluding energy and gold was 91.7 percent.
Share of the Manufacturing Industry in Total Exports 94.8 Percent
According to the previous months' economic activity, the manufacturing industry's share in exports in May 2024 was 94.8 percent, while the share of agriculture, forestry, and fishing was 3.1 percent, and that of mining and quarrying was 1.7 percent.
According to the broad economic groupings, the share of intermediate, capital, and consumer goods in imports was 68.9 percent, 14.7 percent, and 16.1 percent, respectively, in May 2024. In January-May 2024, the share of intermediate, capital, and consumer goods in imports was 70.0 percent, 14.6 percent, and 15.3 percent, respectively.
Germany was the Export Champion in May
The United States, a key player in global trade, ranked third in exports in May. Exports to the US amounted to 1 billion 475 million dollars, following Germany with 1 billion 902 million dollars and the United Kingdom with 1 billion 521 million dollars. Similarly, the US ranked fifth in imports, with imports from the US amounting to 1 billion 456 million dollars, following China with 3 billion 862 million dollars and the Russian Federation with 3 billion 780 million dollars.
China at the Top in Imports
China ranked first in imports. In May, imports from China amounted to 3 billion 862 million dollars, followed by the Russian Federation with 3 billion 780 million dollars, Germany with 2 billion 282 million dollars, Italy with 1 billion 879 million dollars, and the USA with 1 billion 456 million dollars. Imports from the first five countries accounted for 43.4 percent of total imports.
