According to the Turkish Statistical Institute (TurkStat), exports increased by 11.3% year-on-year to $24.1 billion, while imports plunged 10.4% to $30.6 billion. This resulted in a 48% decrease in the foreign trade deficit compared to May 2023.

The positive trend continued when compared to the January-May 2023 period. Exports rose by 4.5% to $106.9 billion, while imports fell by 9.2% to $143.7 billion, leading to a 34.3% decrease in the trade deficit.

Germany remained Turkey's top export partner in May 2024, followed by the United Kingdom, the United States, Iraq, and Italy. China was the leading import source, with Russia, Germany, Italy, and the USA rounding out the top five.

The strength in exports is largely attributed to the manufacturing sector, which accounted for 94.8% of total exports in May 2024. However, the high-tech product segment within manufacturing only contributed 3.8% of total exports.

Encouragingly, seasonally adjusted exports rose by 9.6% in May compared to the previous month, indicating a positive short-term trend.

Overall, the May 2024 trade data paints a positive picture for the Turkish economy, with a narrowing trade gap driven by strong export performance. (ILKHA)