Türkiye’s steel exports decreased by 50.8% during the period from January to May 2023

According to the provisional foreign trade statistics compiled by the Turkish Statistical Institute (TUIK), the Turkish foreign trade deficit in May of this year increased by 17.6% to $12.53 billion compared to May 2022. From January to May this year, Turkey's foreign trade deficit increased by 29.3% yearly, to reach $56.22 billion. In May, Türkiye’s iron and steel exports ranked ninth among the products of the highest export value, totalling $746.98 million, down 45.2% year on year. Meanwhile, the value of exports of iron or steel products, which ranked eighth among the products with the highest export value, increased during May by 7.9% year on year, reaching $853.23 million. During the period from January to May of this year, the value of Turkey's exports of iron and steel declined by 50.8% to reach $3.43 billion, while the value of its exports of iron or steel materials decreased by 2.9%, to reach $4.12 billion, on an annual basis.