Manufacturing Turkey’s trade deficit surges 157% in May By Reuters June 2, 2022, 9:40 AM Turkish President Recep Tayyip Erdogan, January 17, 2022 REUTERS/Florion Goga/File Photo Turkey’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall. Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus. Turkey’s exports rose 15.2 percent to $18.97 billion in May, while imports jumped 43.8 percent to $29.65 billion, data also showed. Announcing the numbers, Trade Minister Mehmet Mus said energy imports in May amounted to $6.9 billion. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
