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Turkey's exports hit $10B in May

Turkey's exports hit $10B in May
Leaves worst behind as recovery begins, says trade minister

By Tuba Sahin

ANKARA (AA) - Turkey's exports hit $10 billion in May, down 40.9% from the same month last year amid the coronavirus pandemic, according to the preliminary Trade Ministry data on Tuesday.

Commenting on the figures, Trade Minister Ruhsar Pekcan said Turkish exports in May rose 10.8% month-on-month while falling on an annual basis due to lower external demand, high-base effect in 2019, and bank holidays.

"Turkey left the worst behind with May export figures, recovery begins," Pekcan said on Twitter.

The country's imports also narrowed by 27.7% to $13.4 billion in the same period, data showed.

Pekcan said that the export coverage imports increased to 74.3% while it was 66.3% in May 2019.

Turkey saw a nearly 34% annual decline in foreign trade volume to $23.4 billion last month, according to the data.

source: News Feed
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