Ministry of Trade: Export Dropped by 40.9 Percent in May

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The statistics shared by the Ministry of Trade shows that the export of Turkey is still decreasing amid novel coronavirus (COVID-19) pandemic.

According to the temporary foreign trade figures that are not yet official, Turkey's export volume in May 2020 has grown by 10.84 percent in comparison with the previous month while it has decreased by 40.88 percent when compared with the same month last year. Accordingly, the total export volume of the country was 9 billion 964 million US dollars in May.

Moreover, the foreign trade deficit of Turkey has increased by 104.18 percent in comparison with last May, reaching 3 billion 442 million dollars.

Accounting for the drop in the country's export volume, the Ministry has referred to the curfews which have been in effect in Turkey in bank holidays and at the weekend as part of COVID-19 measures. That is, while there were 22 business days last May, this number dropped to 16 in May 2020.

Monthly decrease in imports

As for the import volume, the Ministry has announced that it dropped by 27.69 percent in comparison with last May and was calculated as 13 billion 406 million US dollars. The foreign trade volume of the country also fell by 33.98 percent in this period and became 23 billion 370 million dollars.

When the first five months of 2019 and 2020 are comparatively analyzed, it is seen that export dropped to 61 billion 626 million dollars (19.68 percent) and import fell to 82 billion 612 million dollars (5.14 percent).

In January-May period, foreign trade volume also dropped by 11.95 percent and was calculated as 144 billion 238 million dollars.

Export and import by countries

According to the statistics, the highest amount of export in May 2020 was with Germany (919 million dollars), which was followed by the US (with 882 million dollars) and by Iraq (with 603 million dollars).

In May, the highest drop in export on the basis of value was observed with the countries that were most severely affected by COVID-19 outbreak, such as Germany, Italy, Spain, France, and with the countries where quarantine measures were taken on the borders, such as Iraq and Iran.

Last month, the highest amount of import was from China with 1 billion 863 million dollars. It was followed by Germany with 1 billion 232 million dollars and by Russia with 1 billion 173 million dollars. (HA/SD)