According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute (TUIK), the Turkish foreign trade deficit in May of this year increased by 17.6% to $12.53 billion compared to May 2022.
From January to May this year, Turkey’s foreign trade deficit increased by 29.3% yearly, to reach $56.22 billion. In May, Türkiye’s iron and steel exports ranked ninth among the products of the highest export value, totalling $746.98 million, down 45.2% year on year.
Meanwhile, the value of exports of iron or steel products, which ranked eighth among the products with the highest export value, increased during May by 7.9% year on year, reaching $853.23 million. During the period from January to May of this year, the value of Turkey’s exports of iron and steel declined by 50.8% to reach $3.43 billion, while the value of its exports of iron or steel materials decreased by 2.9%, to reach $4.12 billion, on an annual basis.