According to the leading May foreign trade data announced by the Ministry of Commerce within the scope of GTS (general trade system); Compared to the same month of the previous year, exports increased by 65.5% to 16.48 billion USD, while imports increased by 54.02% to 20.63 billion USD in the same period. In this context, the foreign trade deficit increased by 20.74% in May and became 4.15 billion USD.
While Germany was the country to which we exported the most in May, it was followed by the USA, England and Italy. In import items; China took the first place in May 2021, followed by Russia, Germany and the USA. Looking at the goods groups, exports of all investment, raw material and consumer goods showed strong increases in May due to the base effect. Similarly, imports recorded a strong base effect in all categories (investment, consumption, raw materials).
Compared to May 2020, which includes the period when the worst destructive effects of the Covid-19 epidemic were seen on exports, the strong base effect, as well as the strong recovery effect in foreign economies, continue to be supportive. In this context, the same factors that formed the basis for the increase in April were also valid for May. Similar effects, especially even if the base effect is neutralized, will be positively affected by the increase in foreign demand by the economic developments in our main export markets.
On the import side; Despite the absence of the effect of gold imports, which was the main reason for the increase last year, the price effect of the rising raw material and energy prices causes an increase. In the future, slowing consumption demand due to tight financial conditions may limit the increase in imports to some extent. Despite this, we expect the increased costs on the intermediate goods side, which is not expected to show much flexibility in terms of import volume, to increase the bill. On the other hand, the fact that mineral fuels, machinery and equipment, and iron and steel items take the lead among the most imported sections can be evaluated positively in terms of production conversion potential.
The fact that the foreign trade deficit, which showed an improvement trend in the first 5 months of the year compared to the previous year, continued to improve due to the stronger exports, is also important in terms of its reducing effect on the current account deficit. On the other hand, in terms of the travel item, which we will follow as a determining factor on the balance of services, the contribution of tourism this year is at an important point. The continuation of the current restrictions, while keeping the loss potential alive, the success of the normalization we will provide within the scope of vaccination is important in terms of loosening the restriction rules of foreign countries for our country.
Kaynak Tera Yatırım
Hibya Haber Ajansı
Kaynak: Hibya Haber Ajansı
