Foreign trade deficit exceeded 56 billion dollars in 5 months

The Turkish Statistical Institute (TUIK) announced the foreign trade statistics for May 2023.

According to temporary foreign trade data produced within the scope of the general trading system in cooperation with the Turkish Statistical Institute and the Ministry of Commerce; In May 2023, exports increased 14.4 percent compared to the same month of the previous year and reached 21,659 million dollars, while imports increased 15.5 percent and reached 34,186 million dollars.

According to the general trade system, exports increased 0.1 percent in the period January-May 2023 compared to the same period of the previous year, and reached 102 thousand 476 million dollars, while imports increased 8, 8 percent and totaled 158 thousand 498 million dollars.

IMPORTS EXCEPT ENERGY AND GOLD INCREASE 22.6 PERCENT

Exports, excluding energy products and non-monetary gold, increased 15.6 percent in May 2023 from $17.434 billion to $20.162 billion.

In May, imports excluding energy products and non-monetary gold increased 22.6 percent from $21.263 million to $26.60 million.

The foreign trade deficit excluding energy products and non-monetary gold was 5,898 million dollars in May. The volume of foreign trade increased 19.4 percent and reached 46 thousand 222 million dollars. In said month, the export/import ratio, excluding energy and gold, was 77.4 percent.

THE FOREIGN TRADE DEFICIT INCREASED 17.6 PERCENT

In May, the foreign trade deficit increased 17.6 percent compared to the same month of the previous year and went from 10 thousand 657 million dollars to 12 thousand 527 million dollars.

While the export-import ratio was 64.0% in May 2022, it decreased to 63.4% in May 2023.

In the period January-May, the foreign trade deficit increased 29.3 percent, going from 43 thousand 341 million dollars to 56 thousand 22 million dollars.

While the ratio of exports to imports was 70.2 percent in the period January-May 2022, it decreased to 64.7 percent in the same period in 2023.

EXPORT OF SHARES

According to economic activities, in May 2023, the participation of the manufacturing industry was 95.1%, the participation of the agricultural, forestry and fishing sector was 2.8% and the participation of the mining and extraction sector was 1 .6%.

In the period January-May, the participation of the manufacturing industry in exports was 94.6 percent, the participation of the agricultural, forestry and fishing sector was 3.4 percent, and the participation of the mining and extractive sector was of 1.5 percent, according to economic activities.

According to the classification of broad economic groups, in May 2023, the share of intermediate goods was 74.0 percent, the share of capital goods was 13.9 percent, and the share of retail goods. consumption was 12.0 percent.

In the period January-May 2023, the share of intermediate goods was 75.6 percent, the share of capital goods was 13.0 percent, and the share of consumer goods was 11.3 percent.

GERMANY MOST EXPORTED COUNTRY

Germany ranked first in exports in May. While exports to Germany amounted to 1 billion 811 million dollars; It is followed by the USA with 1 trillion 306 million dollars, the United Kingdom with 1 trillion 56 million dollars, Iraq with 1 trillion 11 million dollars and Italy with 1 trillion 4 million dollars. Exports to the first 5 countries accounted for 28.6 percent of total exports.

Germany ranked first in exports in the January-May period. While the export to Germany is 8 thousand 924 million dollars, this country is respectively; It is followed by the US with 6.58 billion dollars, Italy with 5.152 billion dollars, the United Kingdom with 4.934 billion dollars and the Russian Federation with 4.858 billion dollars. Exports to the first 5 countries accounted for 29.2 percent of total exports.

RUSSIA TAKES THE FIRST RANK IN IMPORTS

The Russian Federation ranked first in imports. While imports from the Russian Federation amounted to 4 thousand 569 million dollars in May; China with 4 thousand 347 million dollars, Germany with 2 thousand 671 million dollars, the United Arab Emirates with 1 thousand 809 million dollars and the United States with 1 thousand 633 million dollars. Imports from the first 5 countries constituted 44.0 percent of total imports.

In the January-May period, the Russian Federation ranked first in imports. While imports from the Russian Federation amounted to 21 thousand 822 million dollars, respectively; China with 18 thousand 483 million dollars, Germany with 11 thousand 428 million dollars, Switzerland with 10 thousand 478 million dollars and the United States with 6 thousand 454 million dollars. Imports from the first 5 countries constituted 43.3 percent of total imports.

According to the series corrected for seasonality and calendar; In May 2023, exports increased by 1.3 percent and imports by 9.0 percent compared to the previous month. According to the corrected calendar series; In May 2023, exports increased by 0.4 percent and imports by 5.8 percent compared to the same month of the previous year.

EXPORT SHARE OF HIGH-TECH PRODUCTS

Foreign trade data by technological intensity cover the products of the manufacturing industry included in the ISIC Rev.4 classification. According to ISIC Rev.4, the share of manufacturing industry products in total exports was 95.1 percent in May. The share of high-tech products in the export of manufacturing industry products is 3.7 percent. According to ISIC Rev.4, the share of manufacturing industry products in total exports was 94.6 percent in the January-May period. In the January-May period, the share of high-tech products in exports of manufacturing industry products was 3.7 percent.

In May, the share of manufacturing industry products in total imports was 82.2 percent. The share of high-tech products in the import of manufacturing industry products is 9.6 percent. In the January-May period, the share of manufacturing industry products in total imports was 78.4 percent. In the January-May period, the share of high-tech products in the import of manufacturing industry products was 10.2 percent.

According to the special trade regime, in May 2023 exports increased 11.7 percent compared to the same month of the previous year and reached 19 thousand 594 million dollars, while imports increased 16.9 percent and reached 31 thousand 786 million dollars.

In May, the foreign trade deficit increased 26.3 percent from 9,651 million dollars to 12,192 million dollars. While the export-import ratio was 64.5% in May 2022, it decreased to 61.6% in May 2023.

In accordance with the special trade regime, in the period January-May 2023, exports decreased 2.9 percent compared to the same period of the previous year and amounted to 93 thousand 371 million dollars, while imports increased 7.0 percent to 148 thousand 733 million. Dollars

In the period January-May, the foreign trade deficit increased 29.4 percent, going from 42 thousand 778 million dollars to 55 thousand 362 million dollars. While the ratio of exports to imports was 69.2 percent in the period January-May 2022, it decreased to 62.8 percent in the same period in 2023.