TurkStat - According to provisional data provided by the Turkish Statistical Institute (TurkStat) and the Ministry of Customs and Trade, exports in May 2016 totaled USD 12.14 billion, a 9.6 percent year-on-year increase, while imports were down 3.8 percent from a year ago, coming in at USD 17.194 billion.
Turkey’s foreign trade deficit decreased by 25.5 percent, from USD 6.788 billion to USD 5.54 billion, during May 2016, and the country’s exports/imports coverage ratio was 70.6 percent during the same month, up from the May 2015 ratio of 62 percent.
The data also revealed that exports to the EU reached USD 5.887 million, up 25.1 percent from the previous May.
The UK took top honors as Turkey’s main partner country for exports in May 2016, importing USD 1.283 billion worth of Turkish goods that month. Germany came in a close second at USD 1.112 billion, while Iran and Italy were a distant third and fourth at USD 673 million and USD 603 million respectively.
In the same period, Turkey looked to China when it came to imports as USD 2.39 billion in Chinese goods found their way into the Turkish market. Other top exporters to Turkey included Germany (USD 1.856 billion), the US (USD 1.21 billion), and Russia (USD 1.206 billion).