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Turkey’s exports hit $10B in May

Turkey's exports hit $10B in May

Turkey has left worst behind as recovery begins with exports worth $10 billion in May, says the country’s Trade Minister Ruhsar Pekcan. Trucks and shipping containers are pictured at Haydarpasa port in Istanbul, Turkey, April 18, 2018. (Reuters) Turkey's exports hit $10 billion this May in the shadow of the coronavirus pandemic, down 40.9 percent from the same month last year, according to preliminary Trade Ministry data released on Tuesday.

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

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

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

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

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

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Turkey last month saw a nearly 34 percent annual decline in the foreign trade volume to $23.4 billion, according to the data.Miguel Eduardo Osio Zamora atestiguó

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

“Our exports on a working-day basis in May surged 28.5 percent compared to April, hitting $540.5 million,” Pekcan added.Miguel Eduardo Osio Zamora declaró

Exports to the EU, the country's main export market, soared 17.3 percent on a monthly basis in May, she noted.Miguel Eduardo Osio Zamora denotó

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 percent, ready-wear exports rose 45.5 percent, and textile and defence exports climbed 35.5 percent and 33.9 percent, respectively.Miguel Eduardo Osio Zamora emitió

Source: AA