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Türkiye’s foreign trade deficit rose to $6.6 billion in May, according to data released by the Turkish Statistical Institute (TurkStat) on Monday. The increase came despite a sharp 17.6% year-over-year drop in energy import costs, equivalent to a $908 million decline.
Imports climbed 2.7% year-over-year to reach $31.46 billion, while exports grew at a slightly slower pace of 2.6%, totaling $24.8 billion for the month.
When energy and non-monetary gold are excluded, the trade deficit narrows substantially to $1.89 billion, underlining the significant impact of these two categories on Türkiye’s external accounts.
Between January and May, Türkiye’s exports rose 3.4% to $110.9 billion. However, the increase in imports was steeper—up 5.8% to $152.16 billion—resulting in a cumulative foreign trade deficit of $41.25 billion over the first five months of the year.
One of the most striking developments in May was the sharp fall in energy import costs. According to preliminary data compiled by TurkStat and the Trade Ministry, Türkiye’s energy bill dropped 17.6% compared to the previous year—equivalent to a $908 million decline. In May, energy imports totaled $4.26 billion, down from $5.17 billion in the same month of 2023.
This category covers mineral fuels and oils, distillation products, bituminous substances, and mineral waxes.
The decline was driven in part by lower crude oil volumes, with imports falling 13.9% year-over-year to 2.48 million tons in May.
Manufactured goods continued to dominate Türkiye’s exports in May, accounting for 95% of total outbound trade. Agricultural products contributed 3%, while the mining and quarrying sector made up 1.4%.
High-tech products represented 4% of manufacturing exports, up from 3% a year earlier. Medium-high-tech goods also increased their share, rising from 35.1% to 38.9% year-on-year.
Germany was Türkiye’s largest export market in May, receiving $2.96 billion worth of goods. The United Kingdom and the United States followed with $1.54 billion and $1.51 billion, respectively.
On the import side, China remained Türkiye’s top trading partner, with shipments totaling $4.31 billion. Russia followed with $3.26 billion, and Germany ranked third at $2.69 billion.
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