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 2.7 percent to $6.65 billion compared to May 2024. In the January-May period of this year, Turkey’s foreign trade deficit went up by 12.7 percent year on year to $41.26 billion.
In May, Turkey’s iron and steel exports ranked seventh among the country’s products with the highest export value, totaling $976.89 million, up by 10.8 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, decreased by 3.2 percent year on year, amounting to $882.41 million.
In the first five months of this year, Turkey’s iron and steel export value was up by 8.2 percent to $4.50 billion, while the value of its exports of articles of iron or steel dropped by 4.8 percent to $3.88 billion, both year on year.