Turkey’s exports decline by 19 percent in May

ANKARA

CİHAN photo

Turkey’s exports declined by 18.8 percent to $11.1 billion and imports by 14.4 percent to $17.8 billion in May, compared to the same month of the previous year, according to data from the Turkish Statistical Institute (TÜİK).         

The foreign trade gap contracted by 6.1 percent to $6.7 billion in May from the same month of 2014 with the continuing positive effect of a decrease in energy prices. 

The country’s energy imports decreased by 24 percent to $17.3 billion in the first five months of the year compared to the same period of the previous year. 

Turkey’s five-month exports fell by 8.4 percent to $61.6 billion against in the same period of 2014, while imports fell by 10.6 percent fell to $88.5 billion over the same period. The country’s foreign trade deficit thus decreased by 9.7 percent to $26.9 billion in the first five months of the year from the same period of 2014. 

While the share of exports to European Union countries was 43.8 percent in May 2014, the figure decreased to 42.5 percent in May this year. The country’s exports to the EU decreased by 21.3 percent to $4.72 billion in May compared to the same month of 2014. 

In May 2015, the main partner country for exports remained Germany with $1 billion, followed by the United Kingdom with $689 million, Iraq with $658 million and Italy with $507 million, according to the TÜİK data. 

“Turkey’s exports to the EU decreased by 21 percent on a year-on-year basis. The country’s exports to the bloc, however, declined by just 3 percent on euro basis. While Turkey’s exports on dollar basis contracted by 11 percent in the first five months of the year compared to the same period of the previous year, its exports expanded by 11 percent on euro basis in the same period. This shows that the recovery in the eurozone has actually affected Turkey’s exports positively,” said İş Investment Economist Muammer Kömürcüoğlu, as quoted by Reuters.  

In May 2015, the top countries for Turkey’s imports were China, with $1.9 billion, Germany, with $1.85 billion, Russia with $1.8 billion and the U.S. with $1 billion.