TÜİK data released: Foreign trade deficit declined

According to data released by TÜİK, the foreign trade deficit in May decreased by 48 percent compared to the same month of the previous year, falling from 12 billion 495 million dollars to 6 billion 502 million dollars.

The export-to-import coverage ratio rose from 63.4 percent in May 2023 to 78.7 percent in May 2024.

According to foreign trade data, exports increased by 11.3% in May 2024 compared to the same month of the previous year, reaching 24 billion 66 million dollars, while imports decreased by 10.4% to 30 billion 568 million dollars.

In the January-May period, exports increased by 4.5% and imports decreased by 9.2%. According to the general trade system, exports in the January-May 2024 period increased by 4.5% compared to the same period of the previous year, reaching 106 billion 877 million dollars, while imports decreased by 9.2% to 143 billion 682 million dollars.