May Exports and Imports Fall; Trade Deficit Narrows Slightly

Turkey's foreign trade experienced a downturn in May 2026, with both exports and imports declining compared to the previous year. Exports decreased by 9.3% to $22.5 billion, while imports saw a larger drop of 10.7%, falling to $28.1 billion. This resulted in a trade deficit of $6 billion, a 15.7% decrease from the previous year. Despite the overall decline, the ratio of exports to imports improved slightly, rising from 78.9% to 80.1%.

Trade Minister Ömer Bolat and Türkiye Exporters Assembly (TİM) Chairman Mustafa Gültepe attributed the export performance primarily to the extended nine-day public holiday for Eid al-Fitr, which significantly reduced working days. This holiday period is believed to have negatively impacted export figures across various sectors.

Looking at the first five months of 2026, exports grew by a marginal 0.3% to $111.2 billion, while imports increased by 1.2% to $153.9 billion. This led to a cumulative trade deficit of $42.7 billion, a 3.6% increase compared to the same period last year. Consequently, the export-to-import coverage ratio for the first five months decreased to 72.2% from 72.9%.

Sector-specific data for May revealed significant export declines in key industries. The automotive sector experienced the most substantial drop, with exports falling by 17.2% ($3.3 billion). Ready-to-wear clothing exports decreased by 14.9% to $1.3 billion, while electrical and electronics exports declined by 11.3% to $1.5 billion. Vegetable product exports also saw a drop of 8.3% to $1.9 billion. Major export markets also showed decreases, with Germany experiencing a 15.2% decline in exports to $1.5 billion, followed by the United States (-2.6%), Italy (-6.7%), the United Kingdom (-21%), and Spain (-3%).

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The fact that seven working days were holidays due to the festivals negatively affected the export performance.