Turkey’s foreign trade deficit surged 102.7 percent year-on-year in May to $3.42 billion according to the general trade system, data from the Turkish Statistical Institute (TurkStat) showed on Tuesday, Reuters reported.
Turkey’s exports dropped 40.9 percent and imports fell 27.8 percent compared with May 2019, TurkStat said, reflecting the economic impact of measures to curb the coronavirus outbreak.
In May Germany remained Turkey’s top export destination, with exports totaling $919 million. It was followed by the US with $882 million, Iraq with $603 million, the UK with $560 million and France with $416 million, according to the state-run Anadolu news agency.
China was the main source of Turkey’s imports last month with $1.9 billion, followed by Germany ($1.2 billion), Russia ($1.17 billion), the US ($764 million) and Italy ($483 million).