Turkey's exports hit $16 billion in May this year, up 12.1% year-on-year, the country's statistical institute announced Friday.

The Turkish Statistical Institute (TurkStat) said that Turkey's foreign trade deficit had narrowed to $1.84 billion in May, recording a 76.5% decrease year-on-year.

Imports also saw an annual decline of 19.3% to hit $17.8 billion in May, it added.

The exports-to-imports coverage ratio rose to 89.7% last month, up from 64.6% in May 2018.