Turkey's Trade Deficit Widened by 18.8% in May

The Turkish Ministry of Trade announced today, Friday, that the country's trade deficit increased by 18.8% year-on-year, reaching $12.66 billion in May. In a statement, it was added that exports rose by 14.4% to $21.65 billion in May, while imports increased by 16% to $34.31 billion. Turkey's energy imports fell by 23.6% year-on-year to $5.3 billion during the same period, while gold imports surged by 114.1% year-on-year to $3 billion in May. Gold imports, which contributed to the trade deficit last year, have been declining since January due to restrictions on those imports. Although gold imports in May were twice the value from April, they remained below the $5.1 billion reached in January.