Turkish exports in May reached a total value of $21.659 billion, marking a significant increase of 14.4% compared to the same month last year, according to data from Reuters. The Turkish Statistics Authority released the figures on Friday, revealing that imports also saw a rise of 15.5% to reach $34.186 billion.
However, despite the growth in exports, Turkey still faced a foreign trade deficit of $12.527 billion in May. The total volume of Turkish exports in the first five months of this year amounted to $102.467 billion, while imports reached $158.498 billion.
Looking ahead, Turkey has set an ambitious target of surpassing $400 billion in exports by 2028. This goal reflects the country’s commitment to expanding its presence in the global market and strengthening its economy.
On the other hand, the value of the Turkish lira experienced a decline, reaching its lowest levels. This drop was influenced by the decision of the Turkish Central Bank to raise interest rates from 8.5% to 15% on Thursday.
In other news, investors and traders interested in the Gulf stock exchanges are encouraged to explore trading and investment opportunities. To stay updated with the latest stock market and economic news, a Telegram channel is available for followers.
In terms of stock market activity, the “First Mills” stock witnessed a significant surge of over 20% and became the most liquid stock in its first session. Additionally, there was a special deal on “Dar Al-Arkan” at trading levels above the norm.
Furthermore, the Crown Prince led the Kingdom’s delegation to the “For a New Global Financial Pact” summit in Paris, showcasing the country’s commitment to international financial cooperation. Additionally, Al-Qasabi, a prominent figure, emphasized that the Kingdom’s accession to the Agreement on Contracts for the International Sale of Goods would enhance cross-border trade.
Overall, Turkey’s export growth demonstrates its resilience and potential in the global market. Despite challenges such as the fluctuation of the Turkish lira, the country remains focused on expanding its exports and strengthening its economy.
How does Turkey plan to reach its ambitious goal of surpassing $400 billion in exports by 2028?
Turkish Exports Show Impressive Growth, Aim to Reach $400 Billion
In May, Turkish exports reached a total value of $21.659 billion, marking a significant increase of 14.4% compared to the same month last year, according to data from Reuters. The Turkish Statistics Authority released the figures on Friday, also revealing that imports saw a rise of 15.5% to reach $34.186 billion.
Despite the growth in exports, Turkey still faced a foreign trade deficit of $12.527 billion in May. However, this does not dampen Turkey’s aspirations to expand its presence in the global market and strengthen its economy. With a target set to surpass $400 billion in exports by 2028, Turkey remains committed to its ambitious goals.
While exports are flourishing, the value of the Turkish lira has experienced a decline, reaching its lowest levels. This drop can be attributed to the Turkish Central Bank’s decision to raise interest rates from 8.5% to 15% on Thursday.
In other news, investors and traders interested in the Gulf stock exchanges are encouraged to explore trading and investment opportunities. Stay updated with the latest stock market and economic news through our Telegram channel.
Regarding stock market activity, the “First Mills” stock witnessed a significant surge of over 20% and became the most liquid stock during its initial session. Additionally, there was a special deal on “Dar Al-Arkan” at trading levels above the norm.
Additionally, the Crown Prince led the Kingdom’s delegation to the “For a New Global Financial Pact” summit in Paris, emphasizing the country’s commitment to international financial cooperation. Al-Qasabi, a prominent figure, highlighted that the Kingdom’s accession to the Agreement on Contracts for the International Sale of Goods would enhance cross-border trade.
Overall, Turkey’s export growth showcases its resilience and potential in the global market. Despite challenges like the fluctuation of the Turkish lira, the country remains focused on expanding its exports and strengthening its economy, ensuring a promising future ahead.
The surge in Turkish exports by 14.4% to $21.6 billion in May 2021 is undoubtedly an encouraging sign for the country’s economy. However, the trade deficit of $12.5 billion highlights the need for continued efforts to balance trade and boost domestic production.
“The surge in Turkish exports in May 2021 is an encouraging sign for the country’s economy. With a 14.4% increase to $21.6 billion, it shows resilience and potential for further growth. However, the trade deficit at $12.5 billion is a concern that needs to be addressed for a more balanced trade landscape.”