Exports increase 15 percent in May to $19 billion

Turkey's exports increased by 15.2 percent on an annual basis to stand at $18.97 billion in May, preliminary data from the Trade Ministry showed on June 2.

The increase in the country's imports, which amounted to $29.65 billion last month, was faster at 43.8 percent.

"Strong performance in exports continued in May. At $19 billion exports hit an all-time high for May," Trade Minister Mehmet Muş said.

The country's foreign trade gap, however, widened from $4.17 billion in May last year to $10.7 billion last month, while the export-to-import coverage ratio fell from 79.9 percent to 64 percent.

If energy imports were excluded the coverage ratio was 77.4 percent.

Turkey's foreign trade volume grew by 31 percent from $37 billion a year ago to $48.6 billion in May 2022.

The country managed to increase its exports to Germany by 6 percent to $1.5 billion last month. The U.S was the second largest export market with shipments rising 10.4 percent to $1.27 billion. Exports to Iraq grew 44 percent on an annual basis to $978mn.

Italy and the U.K. imported $949 million and $911 million worth of goods from Turkey in May, data also showed.

Turkey's imports from Russia soared 118 percent year-on-year, amounting to $4.5 billion. Imports from China increased 23 percent to $3.23 billion. Turkey also increased its imports from Germany by 11 percent from last year to $1.98 billion.

Imports from the U.S., and Italy stood at $1.5 billion and $1.3 billion, respectively.

Trade with the European Union also increased in May. Turkey's exports to the bloc increased by 17.4 percent to $8 billion, while imports from the EU grew 16.3 percent to $7.8 billion.

In the first five months of 2020, exports reached $102.5 billion...