Minister of Commerce Ruhsar Pekcan stated that with the foreign trade data for May, the worst in exports is behind us and a recovery period has entered, and said, “In May, our exports decreased on an annual basis due to the decrease in foreign demand due to the effect of Covid-19, the lack of working days due to public holidays and the high base effect in 2019.” However, it increased by 10.84 percent compared to April.” he said.
Minister Pekcan shared the issue on her Twitter account.
Pekcan stated that with the May foreign trade data, the worst in Turkey’s exports is behind and recovery has begun, and said, “Although our exports decreased on an annual basis in May due to the decrease in foreign demand due to the effect of Covid-19, the lack of working days due to public holidays and the high base effect in 2019.” “It increased by 10.84 percent compared to April.” made his assessment.
Pekcan shared the following information about foreign trade in May:
“The export-import coverage ratio increased by 8 points, from 66.3 percent to 74.3 percent. However, our exports on a working day basis in May increased by 28.8 percent compared to April, reaching 540.5 million dollars. In May, compared to April, the EU’s “While exports to France increased by 17.3 percent, to France increased by 71.5 percent, to Belgium by 57.9 percent, to the United Kingdom by 54.7 percent and to the USA by 45.6 percent.”
“We expect our exports to continue to recover”
Pekcan also pointed out that the exports of locomotive sectors have started to gain momentum and noted that in May, compared to the previous month, there was an export increase of 95.5 percent in the automotive sector, 45.4 percent in ready-made clothing, 35.5 percent in textiles and 33.9 percent in defense.
Stating that imports of intermediate goods and investment goods constituted 91.2 percent of total imports last month, Pekcan made the following evaluations:
“This situation is an important leading indicator for the increase in production and exports in the coming period. We expect our exports to continue to recover as of June, with the gradual normalization in our country and traditional export markets, as well as with the effect of our digital initiatives and supports such as virtual fairs and virtual trade delegations.”
Source: https://www.aa.com.tr/tr/ekonomi/bakan-pekcan-mayis-ihracati-nisana-gore-yuzde-10-84-artti/1861722
