NEWS ECONOMY NEWS        04/06/2019

Turkey’s exports hit a new record high of USD 16 billion in May 2019 per preliminary calculations

According to preliminary figures provided by the Trade Ministry based on the Special Trade System (STS), Turkey’s foreign trade deficit for May 2019 was USD 1.831 million, 76.6% lower than the figure for the same month of the previous year, and 38.6% lower than the USD 2,982 million deficit figure for the previous month of April 2019.

 

Exports were USD 15,998 million in May 2019, 12.2% higher than the figure for the same month of the previous year, and 10.5% higher than the figure for the previous month of April 2019. This is the highest monthly export figure recorded and shows the resilience of Turkish industry despite the on-going economic recession and low domestic demand. The weak Turkish lira has also been an incentive for Turkish industry as it focuses its attention on foreign markets to maintain the viability of its companies. Imports were USD 17,828 million in May 2019, 19.2% lower than the figure for the same month of the previous year, but 2.1% higher than the figure for the previous month of April 2019. 

 

The percentage of imports met by exports was 89.7% in May 2019 compared with 67.6% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 2,336 million in May 2019, representing a 2.1% increase on its figure for the same month of the previous year. The May 2019 automotive export figure was also 6.1% higher than the figure for the previous month of April 2019. The automotive sector’s share of total exports in May 2019 was 14.6% compared with 15.2% in the previous month of April 2019.

 

The energy sector, with USD 3,607 million, again had the biggest share of imports of 20.2% in May 2019. This energy import figure was 1.7% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in May 2019 are Germany (USD 1,475 million), Italy (USD 857 million), UK (USD 853 million), USA (USD 784 million), and Iraq (USD 784 million). The top five countries from which Turkey imported in May 2019 are Russia (USD 1,893 million), China (USD 1,623 million), Germany (USD 1,620 million), USA (USD 1,011 million), and Italy (USD 809 million).

 

For the first five months of 2019, the trade deficit was USD 11,608 million, a 67.1% decrease on the same period of the previous year. Exports in the first five months of 2019 were USD 72,703 million (a 5% increase) and imports were USD 84,310 million (a 19.3% decrease).

 

According to preliminary figures provided by the Trade Ministry based on the General Trade System (GTS), Turkey’s foreign trade deficit for May 2019 was USD 1,774 million, 78.1% lower than the figure for the same month of the previous year, and 36.8% lower than the USD 2,806 million deficit figure for the previous month of April 2019.

 

Exports were USD 16,813 million in May 2019, 11.5% higher than the figure for the same month of the previous year, and 10.1% higher than the figure for the previous month of April 2019. Imports were USD 18,588 million in May 2019, 19.9% lower than the figure for the same month of the previous year, but 2.8% higher than the figure for the previous month of April 2019.

 

The percentage of imports met by exports was 90.5% in May 2019 compared with 65% in the same month of the previous year.

 

Automotive exports were prominent in Turkey’s total exports with USD 2,414 million in May 2019, representing a 2.5% increase on its figure for the same month of the previous year, and a 6.2% increase on its figure for the previous month of April 2019. The automotive sector’s share of total exports in May 2019 was 14.4% compared with 14.9% in the previous month of April 2019.

 

The energy sector, with USD 3,666 million, again had the biggest share of imports of 19.7% in May 2019. This energy import figure was 3.5% lower than the figure for the same month of the previous year.

 

The top five countries to which Turkey exported in May 2019 are Germany (USD 1,587 million), Italy (USD 899 million), UK (USD 889 million), Iraq (USD 888 million), and USA (USD 871 million). The top five countries from which Turkey imported in May 2019 are Russia (USD 1,904 million), Germany (USD 1,733 million), China (USD 1,714 million), USA (USD 1,069 million), and Italy (USD 892 million).

 

For the first five months of 2019, the trade deficit was USD 10,518 million, a 70.8% decrease on the same period of the previous year. Exports in the first five months of 2019 were USD 76,613 million (a 5.4% increase) and imports were USD 87,131 million (a 19.9% decrease).



Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate falls to 15.72% in June 2019       Turkey’s unemployment rate falls further to 13% in April 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019