Türkiye's exports rose by 2.7% year-over-year to reach an all-time monthly record of $24.8 billion in May, Trade Minister Ömer Bolat announced on Monday.
"Our exports are increasing despite weak demand and tough competition," Bolat said at a press conference in Istanbul.
On a monthly basis, the exports jumped 19.4% from April's $20.8 billion.
Imports also increased by 2.1% on an annual basis to $31.3 billion in May.
The foreign trade balance posted a deficit of $6.5 billion, slightly up 0.1% from May 2024, but down by 46% from the previous month.
From January through May, outbound shipments jumped 3.5% from a year ago to $110.9 billion. Imports rose 5.7% to $152 billion.
Treasury and Finance Minister Mehmet Şimşek said the increase in exports came despite challenging global conditions, rising competition and calendar effects, adding that the annualized foreign trade deficit remained stable.
The goal is "to make the improvement we have achieved in the current account balance permanent through structural transformation steps and support for value-added production," Şimşek wrote on social media platform X.
In the last 12 months, exports hit an all-time high of $265.5 billion, up by 1.9% from the previous period. Imports reached $352.2 billion, up 1.4%.
In May, most Turkish exports went to Germany, with a share of 8.3%, followed by the U.K. with 6.2%, the U.S. with 6% and Italy with a 5% share.
In 2024, total shipments increased by 2.5% to $262 billion, a new annual record, despite challenges such as an uncertain global outlook and slowing demand in some of Türkiye's key export markets like the European Union.
Imports dropped by 4.9% to $344.1 billion. The trade deficit shrank by 22.7% to $82.2 billion from $106.3 billion in 2023.
The goal for 2025 is to lift exports to $280 billion, according to officials.
