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Türkiye's trade deficit widens to $12.5B in May

23.06.23 23:00
Türkiye's trade deficit widened 17.6% year-on-year to $12.5 billion in May, according to official data released Friday.

Turkish exports grew 14.4% from a year ago to $21.7 billion in May, while imports surged 15.5% to $34.2 billion, the Turkish Statistical Institute (TurkStat) said in a statement.

Excluding energy products and non-monetary gold, Türkiye saw a foreign trade deficit of $5.9 billion last month.

The exports-to-imports coverage ratio decreased to 63.4% in May this year compared to 64% in May 2022.

Türkiye's main trading partner Germany received $1.8 billion worth of Turkish exports in May. Other main overseas shipments were to the U.S. mounting $1.3 billion, to the U.K. with $1.1 billion, to Iraq with $1.01 billion, and to Italy with $1 billion.

Russia was the main source of Türkiye's inbound shipments in May with $4.6 billion, followed by China ($4.3 billion), Germany ($2.7 billion), the United Arab Emirates ($1.8 billion), and the U.S. ($1.6 billion).

In January-May, Türkiye's overseas shipments posted a slight hike of 0.1% from the prior year to $102.5 billion, while its imports jumped 8.8% to $158.5 billion.

Türkiye's foreign trade deficit widened 29.3% annually to $43.3 billion in the first five months of this year.