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Turkey achieves record-high exports in May, bolstering trade balance amid import decline
(MENAFN) Turkey’s export sector reached unprecedented heights in May, with the country posting a record-high figure of USD24.1 billion in overseas shipments, as announced by Trade Minister Omer Bolat during a news conference held in Istanbul. Bolat disclosed that Turkey’s exports surged by 11.4 percent on an annualized basis, reflecting the resilience and dynamism of the country's export-oriented industries.
Conversely, Turkey witnessed a notable decline in imports, with inbound shipments dropping by 10.3 percent from the previous year to USD30.5 billion in May, according to Bolat's statements. This significant reduction in imports contributed to a substantial narrowing of the country's foreign trade deficit, which plummeted by 47.8 percent to USD6.5 billion during the same period.
Bolat emphasized that Turkey’s export-import coverage ratio experienced a notable improvement, rising by 15.3 percentage points to reach 78.7 percent in May. This positive development underscores Turkey’s enhanced ability to meet its import obligations through export revenues, highlighting the resilience and competitiveness of its export sector.
The robust performance of Turkey’s export sector was not confined to May alone, as data for the January-May period revealed sustained growth momentum. During the first five months of the year, Turkey’s exports amounted to USD106.9 billion, marking a notable increase of 4.5 percent compared to the previous year. Meanwhile, inbound shipments witnessed a significant decline, contracting by 9.3 percent to USD143.7 billion during the same period.
The cumulative effect of rising exports and declining imports resulted in a substantial reduction in Turkey’s trade deficit, which contracted at a remarkable annualized pace of 34.4 percent to USD36.8 billion in the five-month period. This positive trend bodes well for Turkey’s economic resilience and external balance, underscoring the country's ability to navigate challenging global economic conditions while maintaining a robust trade performance.
Conversely, Turkey witnessed a notable decline in imports, with inbound shipments dropping by 10.3 percent from the previous year to USD30.5 billion in May, according to Bolat's statements. This significant reduction in imports contributed to a substantial narrowing of the country's foreign trade deficit, which plummeted by 47.8 percent to USD6.5 billion during the same period.
Bolat emphasized that Turkey’s export-import coverage ratio experienced a notable improvement, rising by 15.3 percentage points to reach 78.7 percent in May. This positive development underscores Turkey’s enhanced ability to meet its import obligations through export revenues, highlighting the resilience and competitiveness of its export sector.
The robust performance of Turkey’s export sector was not confined to May alone, as data for the January-May period revealed sustained growth momentum. During the first five months of the year, Turkey’s exports amounted to USD106.9 billion, marking a notable increase of 4.5 percent compared to the previous year. Meanwhile, inbound shipments witnessed a significant decline, contracting by 9.3 percent to USD143.7 billion during the same period.
The cumulative effect of rising exports and declining imports resulted in a substantial reduction in Turkey’s trade deficit, which contracted at a remarkable annualized pace of 34.4 percent to USD36.8 billion in the five-month period. This positive trend bodes well for Turkey’s economic resilience and external balance, underscoring the country's ability to navigate challenging global economic conditions while maintaining a robust trade performance.
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