Turkish Lira-Denominated Foreign Trade Surpasses ₺437 Billion in First Five Months

Historic Highs in Export Values Amidst Rising Trade Volumes

Turkiye’s foreign trade conducted in Turkish lira has experienced a significant surge, with a 52.9% increase in the first five months of the year compared to the same period last year, reaching a total of ₺437.45 billion. According to the Ministry of Trade, May saw an unprecedented monthly export value of $24.1 billion, marking the highest in the history of the Republic.

Steady Growth in TL-Based Exports

The data indicates a consistent rise in TL-based exports over the first five months of 2024. January exports, for instance, jumped by 49.8% year-on-year to ₺21.82 billion, while imports soared by 55.7% to ₺47.86 billion, culminating in a trade volume of ₺69.68 billion for the month.

February’s Record Highs

February maintained this upward trend, with exports increasing by 83.3% to ₺25.16 billion and imports rising by 74.8% to ₺70.56 billion. The total trade volume for the month reached ₺95.72 billion, the highest recorded so far in 2024 for TL-based trade.

March and April Continue Positive Trend

In March, TL-based exports rose by 47.3% year-on-year to ₺26.31 billion, while imports grew by 43.8%, amounting to ₺65.80 billion. This resulted in a trade volume of ₺92.11 billion for the month.

April followed with a 56.1% increase in exports, reaching ₺22.31 billion, and a 47% rise in imports, totaling ₺63.38 billion. The trade volume for April was calculated at ₺85.69 billion.

May’s Exceptional Performance

May stood out with exports rising by 71.5% to ₺27.81 billion and imports increasing by 34.3% to ₺66.44 billion. The total trade volume for May was ₺94.25 billion.

Broader Impact and Market Reach

From January to May, exports totaled ₺123.41 billion, a 61% increase from the same period last year, while imports surged by 49.9% to ₺314.03 billion. Consequently, the overall trade volume for the first five months of 2024 reached ₺437.45 billion, up from ₺286.13 billion in the same period last year.

Notably, in May, Turkiye exported goods to 164 countries using the Turkish lira, with 39,925 firms conducting their foreign sales in TL, demonstrating a broader acceptance and utilization of the local currency in international trade.

This remarkable growth in TL-based trade reflects not only the resilience and adaptability of Turkiye’s economy but also the increasing confidence in the Turkish lira on the global stage.

Source: Trthaber / Prepared by Irem Yildiz

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