Trade Minister Ömer Bolat announced the foreign trade figures for May at TIM. Minister Bolat said, “Our exports in May increased by 11.4 percent compared to the same month of last year and recorded as the highest May exports of all time with 24.1 billion dollars.”
Trade Minister Ömer Bolat announced the foreign trade data for May. Bolat said, “Our exports in May increased by 11.4 percent compared to the same month last year and recorded as the highest May exports of all time with 24.1 billion dollars.” Minister Bolat said that the foreign trade deficit decreased by 47.8 percent in May.
The highlights of Minister Bolat’s statements are as follows:
I am announcing our first record now. We achieved the highest May exports in history in May 2024. We reached 24.1 billion dollars with an increase of 11.4 percent. A year ago, we were at 21.6 billion dollars in May. We have achieved the highest May exports in history. 2.5 billion dollars increase has been achieved. May 2024 was the highest monthly export of the century and 1207 months. We thank the TIM family and all our exporters very much.
260 billion 100 million dollars came in annualized exports. We started the year with 255.4 billion dollars. In the last 5 months, there were difficult processes, short months, long holidays, we have reached 260 billion 100 million dollars with an increase of 2.3 percent in the last year. We have a net increase of 6 billion dollars in the last year.
A decrease of 10.3 percent in our imports was achieved in May. This means a decrease of 3.5 billion dollars. We managed to reduce our imports from 34.1 billion dollars to 30.6 billion dollars. This is how the reduction in our foreign trade deficit accelerated. In May, our foreign trade deficit decreased by nearly 50 percent to 6.5 billion dollars.
After this development, the ratio of exports to imports also increased rapidly. With an increase of 15 points, it rose from 63.4 percent to 78.7 percent. When we look at it by months here, in the process since last August, we have really made a lot of progress in March and May. Our increase in May is very spectacular. In the first 5 months of 2024, our exports increased by 4.5 percent to approximately 106.9 billion dollars. Thus, we achieved a net increase of 4.6 billion dollars in exports in the first 5 months.
Imports also decreased by 9.2 percent in the first 5 months to 143.6 billion dollars. The 5-month decrease in imports is 14.6 billion dollars. The net increase in our exports is 4.6 billion dollars. We have saved a total of 19.2 billion dollars in foreign currency.
