Turkish exports registered a 12.5 percent increase in May on a year-on-year basis and recorded a value of $13.6 billion while imports increased 21.7 percent and stood at $20.9 billion, according to data from the Turkish Statistical Institute (TurkStat) on Friday.
Turkey's foreign trade deficit rose 43.4 percent in May against the same month in 2016, TurkStat reported on Friday.
The monthly deficit was $7.3 billion as imports increased by 21.7 percent year-on-year to $20.9 billion while exports went up 12.5 percent to $13.6 billion.
In the first five months, exports rose 9.5 percent to $64.3 billion whereas imports rose 11.2 percent to $89.1 billion compared to the same period last year, TurkStat reported.
The deficit during from January to May was $24.8 billion, a 15.7 percent increase from the same period in 2016.
Exports to the European Union increased 4.4 percent to $6.13 billion in May, up from $5.8 billion in May 2016.
Germany was Turkey's largest export market with $1.24 billion in May, followed by the United Arab Emirates with $1.04 billion, the U.S. with $858 million and Iraq with $831 million.
Most imports came from China ($1.93 billion), followed by Germany ($1.82 billion), Russia ($1.45 billion) and the U.S. ($1.16 billion).
TL exports up 113 pct
Exports in Turkish lira increased 113 percent in the first five months of this year compared to the same period of 2016, rising from $2.9 billion to $6.1 billion.
President Recep Tayyip Erdoğan's calls to support the lira last year helped increase its usage in exports. The use of lira in exports has increased more than twofold since January compared to the same period of the previous year.
According to the information compiled by TurkStat, exports in the first five months of this year stood at $64.3 billion and imports at $89.1 billion. TL usage increased by 113.41 percent in exports compared to the same period of the previous year, climbing from $2.9 billion to $6.1 billion.
The lira's share in total exports, which stood at 4.9 percent from January to May last year, reached 9.54 percent in the same period of 2017.
Lira usage increases in imports
In the first five months of this year, lira usage in imports increased 24.31 percent compared to the same period of 2016, up from $5.5 billion to $6.9 billion.
In the first five months of the previous year, $5.5 billion worth of imports, which corresponded to 6.88 percent of total of $80.2 billion worth of imports, was realized in lira, while $6.85 billion worth of imports, amounting to 7.69 percent of the total amount of imports, was done in lira in the same period of 2017.
In the said period, the lira's share in total foreign trade increased from 6.04 percent to 8.46 percent.
Energy imports climb in May
Turkey's energy imports increased by 38.4 percent in May compared to the same month last year, reaching $2.9 billion.
According to the data released by TurkStat, Turkey's total imports in May this year increased by 21.7 percent compared to the same month last year, standing at $20.9 billion.
Of this figure, $2.9 billion was composed of "mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes" which are summarized as energy imports.
In May, crude oil imports increased by 22.8 percent compared to the same month last year, rising from a total of 2 million tons to 2.6 million.
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