Turkey's exports to EU up 21 pct in Jan-May 2018

By Muhammed Ali Gurtas

ANKARA (AA) - Turkey's exports to the European Union in January-May 2018 surged 21 percent year-on-year, the country's statistical authority announced Friday.

According to TurkStat, exports to the 28-member EU bloc account for some 51.4 percent of Turkey's overall exports in the five-month period -- totaling $35.6 billion -- while imports from the EU were $39 billion, up 22 percent on a yearly basis.

Over the same period, Turkey's overall exports totaled $69.3 billion, a 7.9 percent annual hike, and imports reached $104.5 billion with a 17.2 percent increase.

The country's foreign trade balance ran a $35.2 billion deficit from January to May, marking a year-on-year rise of 41.4 percent.

In May 2018, exports were $14.3 billion -- up 5.3 percent -- and imports were $22.6 billion -- up 5.5 percent -- over the same month last year, the institute noted.

TurkStat said foreign trade deficit in May reached $7.7 billion, with a 5.7 percent yearly increase.

It said export to import ratio was 64.8 percent, while it was 64.9 percent in May 2017.