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Turkey posted a record high monthly trade deficit in May, driven by a surge in energy imports, official data showed.

The gap expanded 155% from a year earlier to $10.6 billion, TurkStat said on Thursday. The January-May shortfall was $43.2 billion, 136% higher from a year earlier.

Monthly exports in May rose by 15.3% from a year earlier to $19 billion while imports rose by 43.5% to $29.6 billion.

Key Insights 

  • Imports of mineral oils -- an indicator of Turkey’s energy bill -- rose 124% to $6.94 billion
  • Russia, which supplies the majority of Turkey’s energy, was the top source of total imports
  • Steel and iron imports rose 32.9% during the same period to $3.1 billion
  • Motor vehicle exports rose 31.4% to $2.02 billion, indicating revitalized demand from Europe
  • Exports covered imports at a rate of 64.2%, down from 79.8% a year earlier

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  • Trade Ministry is expected to publish preliminary trade data for June over the next few days

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