UPDATE - Turkey's exports hit highest-ever monthly figure in May

UPDATES WITH CUMULATIVE FIGURES FOR JANUARY-MAY PERIOD

By Muhammed Ali Gurtas

ANKARA (AA) - Turkey's exports hit highest-ever monthly figure with $16.8 billion in May this year, the country's trade minister announced Monday.

According to the general trade system, Ruhsar Pekcan said the country's exports last month jumped 11.46% year-on-year.

In the same month, Turkey's imports amounted to $18.5 billion with an annual decline of 19.85 percent.

"Turkey's foreign trade balance in May posts $1.7 billion deficit, improving from $8.1 billion deficit a year ago," she said.

Pekcan also noted that the exports-to-imports coverage ratio stood at 90.5% in May.

In the calculation of foreign trade statistics, two different methods are used -- the special trade system and the general trade system.

Calculations based on the special trade system do not include free zones and customs warehouses.

The general trade system is a wider concept, including customs warehouses, all types of free zones, free circulation area and premises for inward processing.

Through the end of every month, Turkey's statistical authority released the final foreign trade figures for the previous month, as the ministry of trade announces preliminary general trade system data in the first week of every month.

- January-May figures

In the five-month period, Turkey's exports reached $76.6 billion with an annual hike of 5.37%.

Over the same period, the country's imports amounted to $87.1 billion, falling 19.86% on a yearly basis.

As a result, Turkey's foreign trade balance recorded a significant improvement, standing at $10.5 billion deficit versus $36 billion deficit in the same months last year.

The preliminary figures also revealed that the exports-to-imports coverage ratio was 87.9% in the January-May period.

Pointing out the rapid decline in the foreign trade gap, Pekcan said: "This recovery has made a strategic contribution to the economy by reducing the external financing need."

"Despite all the weaknesses in the global trade, our exports rose by 5.37%, while exports of high-value-added investment products climbed 8.88% in the January-May period," she added.