Turkey's exports hit $10B in May

Turkey's exports hit $10 billion this May in the shadow of the coronavirus pandemic, down 40.9% from the same month last year, according to preliminary Trade Ministry data released Tuesday. 

Commenting on the figures, Trade Minister Ruhsar Pekcan said Turkish exports in May rose 10.8% month-on-month while falling on an annual basis due to lower external demand, high-base effects in 2019, and bank holidays. 

"Turkey left the worst behind with the May export figures, recovery begins," Pekcan said on Twitter. 

The country's imports also narrowed by 27.7% to $13.4 billion in the same period, the data showed. 

She stressed that intermediate and investment goods imports constituted 91.2% of the total, pointing to a rise in production and exports for the coming period. 

Pekcan said that the export/import coverage ratio climbed to 74.3%, up from 66.3% in May 2019. 

Turkey last month saw a nearly 34% annual decline in the foreign trade volume to $23.4 billion, according to the data.

May's foreign trade deficit was more than double the deficit in the same month last year, reaching $3.4 billion. 

"Our exports on a working-day basis in May surged 28.5% compared to April, hitting $540.5 million," Pekcan added. 

Exports to the EU, the country's main export market, soared 17.3% on a monthly basis in May, she noted. 

Stating that the economy's main locomotive sectors saw a revival in exports compared to a month earlier, Pekcan said automotive exports jumped 95.5%, ready-wear exports rose 45.5%, and textile and defense exports climbed 35.5% and 33.9%, respectively.