Türkiye's exports see record high May figure

Turkish exports posted a record-high May figure at $24.1 billion, the country's trade minister announced on Monday.

Türkiye's overseas shipments surged by 11.4% on an annualized basis, Omer Bolat told a news conference in Istanbul about Türkiye's preliminary foreign trade data.

Turkish imports dropped 10.3% from the prior year to $30.5 billion in May, he noted.

The country's foreign trade deficit plunged 47.8% to $6.5 billion in the same period, Bolat said, adding that the export-import coverage ratio rose by 15.3 percentage points to 78.7% in May.

In January-May, Türkiye's exports hit $106.9 billion, a rise of 4.5% from last year while its inbound shipments fell 9.3% to $143.7 billion.

Thanks to an increase in exports and a decline in imports, Türkiye's trade gap shrank at a 34.4% annualized pace to $36.8 billion in the 5-month period.