According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute (TUIK) and the Turkish Undersecretariat of Customs, in May this year Turkey’s foreign trade deficit increased by 155.2 percent to $10.61 billion compared to May 2021. In the January-May period this year, Turkey’s foreign trade deficit rose by 136.0 percent year on year to $43.21 billion.
In May, Turkey’s iron and steel exports ranked fourth among the country’s products with the highest export value, totaling $1.42 billion, increasing by 7.8 percent year on year. Meanwhile, in the given month the value of exports of articles of iron or steel, which ranked eighth among the products with the highest export value, rose by 22.7 percent year on year, amounting to $792.40 million.
In the given period, Turkey’s iron and steel export value was up by 31.6 percent to $7.04 billion, while the value of its exports of articles of iron or steel increased by 35.0 percent to $4.25 billion, both year on year.