Turkstat: Turkey's exports on the rise, trade deficit narrows

Turkey's total exports grew by 3.6 percent in May 2014 to $13.750 billion (TL 27 billion) while total imports decreased by 10.3 percent to $20.859 billion, compared with May 2013. According to provisional data collected by the cooperation of the Turkish Statistical Institute and the Ministry of Customs and Trade, the foreign trade deficit has now been reduced by 28.7 percent from $9.968 billion to $7.108 billion. In May 2014, exports coverage imports were 65.9 percent, up from 57.1 percent the previous May 2013.

Additionally, seasonal- and calendar-adjusted exports rose by 0.3 percent and imports increased by 2.9 percent compared with the previous month. Calendar- adjusted exports increased by 3.5 percent and imports decreased by 2.4 percent compared with May 2013. Exports from the EU, as compared with the same month of the previous year, moved up 16 percent from $5.192 billion to $6.022 billion. In May 2014, the export winner was Germany with $1,372 billion, followed by Iraq ($1,052 billion), the U.K. ($818 billion) and Italy ($635 billion).