Turkey’s May foreign trade gap hits $10.6B on soaring energy costs

Turkey’s foreign trade deficit in May, official data showed Thursday, was driven by high energy prices and soaring imports. The gap rose 155.2% to reach $10.6 billion (TL 176 billion) in May, the Turkish Statistical Institute (TurkStat) said. It was up from $6.1 billion in April. Exports jumped 15.3% to $18.98 billion, while imports were … Read more

Turkish enterprises sold industrial products worth $471B in 2021

Turkish enterprises sold industrial products worth TL 4.2 trillion ($471 billion) both in the country and abroad in 2021, official data revealed Wednesday. In 2020, the figure was TL 2.5 trillion ($356 billion), the Turkish Statistical Institute (TurkStat) said. The average US dollar to Turkish lira exchange rate was 8.9 and 7.02 in 2021 and … Read more

8 countries receive record amount of Turkish products in May

Turkey’s foreign sales to eight countries have hit their highest level to date in May, official data shows, as exporters seek to extend their range and diversify markets. Senegal, the Dominican Republic, North Macedonia, Rwanda, Tajikistan, Cameroon, Costa Rica and Montenegro received a record amount of Turkish products in May, according to data compiled by … Read more

Turkey’s ready-to-wear sector makes $8.8B exports in 5 months

The ready-to-wear and apparel industry in Turkey broke an all-time export record in the first five months of this year with exports totaling $8.8 billion between January and May. According to the data of the Turkish Exporters Assembly (TIM), Turkey’s exports increased by 15.2% in May compared to the same month of the previous year … Read more

China’s trade rebounds on easing virus curbs but outlook still fragile

China’s trade growth rebounded in May, official data showed Thursday, as factories restarted and logistics snags eased after anti-coronavirus restrictions that shut down Shanghai and other industrial centers began to ease. Exports grew at a double-digit pace, shattering expectations in an encouraging sign for the world’s second-biggest economy, while imports expanded for the first time … Read more

Russia hikes oil exports from major Eastern port to help offset EU ban

Russia is ramping up oil exports from its major eastern port of Kozmino by about a fifth, aiming to meet surging demand from Asian buyers and offset the impact of European Union sanctions, three sources familiar with the matter told Reuters. Moscow has said it hopes to reroute energy exports from the West to Asia, … Read more

Strong demand, exports help Turkish economy post 7.3% growth in Q1

Turkey’s economy expanded at a higher-than-expected pace in the first quarter, official data showed Tuesday, driven by strong demand, manufacturing and exports. Gross domestic product (GDP) grew 7.3% year-over-year in the January-March period, the Turkish Statistical Institute (TurkStat) said, topping market forecasts. The economy bounced back from the pandemic to grow 11% in 2021, its … Read more

Turkey’s trade deficit nearly doubles as energy imports soar

Turkey’s foreign trade deficit almost doubled in April, driven by high energy prices and a rise in imports, official data showed Tuesday. The gap widened 98.5% year-over-year to $6.11 billion (TL 100.20 billion) in the month, the Turkish Statistical Institute (TurkStat) said. Imports rose 35% year-over-year in April to $29.48 billion, while exports jumped 24.6% … Read more