Trade Minister Mehmet Muş announced the export figures for May on his social media account.
Stating that exports increased by 14.4 percent to $21.7 billion in May, Muş said, “This is the highest May export value of all time. Our exports will continue to be the driving force of growth.” made its assessment.
Türkiye’s economy remained resilient
In the statement made by the Ministry of Commerce, it was pointed out that the low growth in the global economy and the persistence of inflation more than expected made the recovery fragile and the recent turmoil in the financial sector worsened the expectations.
In the statement, which stated that energy prices are expected to be well below the 2022 peaks at the beginning of this year and that the reopening of China is expected to have a positive impact on the global economy, the following information was included:
“Banking problems in the USA and Europe have increased the risks. In the IMF’s Global Economic Outlook Report for April, global growth is estimated to be 2.8 percent in 2023. According to the IMF’s real GDP projections for 2023, in the Euro Area A growth of 0.8 percent, a growth of 1.6 percent in the USA, and a contraction of 0.3 percent in the UK are expected. It is observed that the PMI indices in economies remain below the threshold value of 50. According to the data of May, the said index values increased from 45.8 to 44.8 in the Euro Zone, our largest export market, and from 47.8 in the UK. It decreased to 47.1, from 44.5 to 43.2 in Germany, from 50.2 to 48.5 in the USA.In addition, according to the latest data, the German economy fell two times in a row. The quarter contracted and technically entered a recession.”
In the statement, it was emphasized that despite the loss of momentum in global economic activity and the earthquake disasters experienced, the Turkish economy was seen to be quite resilient in 2023. Despite its negative effects, 4 percent growth was recorded in the first quarter of 2023. expression was used.
In the statement, which stated that the effects of the positive growth performance were clearly seen in other macro indicators, the following were noted:
“The fact that there was an increase of 1.5 million people in employment in March compared to the same month of the previous year supports this strong trend. In February, when earthquake disasters took place, the industrial production index (seasonal and calendar adjusted), which decreased by 5.9 percent on a monthly basis, recovered rapidly. The Turkish Manufacturing Industry Purchasing Managers Index (PMI), which was 51.5 in May, was above the threshold for the fifth consecutive month Manufacturing Industry Capacity Utilization Ratio in May (seasonally adjusted) With 76.3 percent, it was the highest value in 2023. Consumer Confidence Index (seasonally adjusted) increased by 4 percent in May to the highest level of the last 58 months. Economic Confidence Index increased by 1.4 percent in May compared to the previous month and reached 103 It took the value of .7 and reached the highest value of the last 62 months with the value of 103.7 in September 2021.
In the statement, it was stated that according to OECD data, service exports increased by 18.1 percent in seasonally adjusted terms in the first quarter of 2023 compared to the previous quarter, and that Turkey was the country that increased its service exports the most among the G-20 countries (13 countries) whose data were disclosed.
January-May exports amounted to 102.5 billion dollars
Pointing out that all these data show that the economic activity recovered faster than expected after the great earthquake disaster, the statement said, “Despite the negativities caused by the earthquake disaster in production and supply and the uncertain process in the global economy, our exports increased by 14.4 percent in May and reached 21.7 billion dollars. In the January-May period of 2023, our exports reached 102.5 billion dollars. expression was used.
Energy imports decreased by 23.6 percent
In the statement, it was stated that imports increased by 16 percent and reached 34.3 billion dollars in May, adding, “Total energy imports decreased by 23.6 percent and reached 5.3 billion dollars in May. The decline in energy prices in 2022 was significantly effective in the decrease in energy imports. Gold imports, which had a significant impact on the increase in imports in the recent period, increased by 114.1 percent compared to the previous year and amounted to 3 billion dollars.In addition, motor land vehicles imports increased by 113.6 percent to 2.9 billion dollars, while machinery imports increased by 51 percent. It was realized as 6.4 billion dollars with an increase of .1. information has been given.