TÜİK's data showed that the foreign trade deficit in May fell by 48% compared to the same month last year, dropping from $12.495 billion to $6.502 billion.
The export-to-import coverage ratio improved significantly, rising from 63.4% in May 2023 to 78.7% in May 2024.
The foreign trade figures indicate that exports in May 2024 increased by 11.3% year-on-year, reaching $24.066 billion. Meanwhile, imports decreased by 10.4%, totaling $30.568 billion.
January-May Period: Exports Up 4.5%, Imports Down 9.2%
In the January-May period of 2024, exports rose by 4.5% compared to the same period last year, amounting to $106.877 billion. Imports fell by 9.2%, totaling $143.682 billion, according to the general trade system data.
