The $450 million achieved in May marks the highest monthly export volume for Denizli since June 2022. For the January-May period, Denizli’s total exports grew by 8.7%, surpassing $1.95 billion, allowing the province to maintain its 9th place position among Türkiye’s top exporting regions. The solid performance in the first five months suggests that Denizli is steadily advancing towards its annual export targets for 2025. Additionally, the Euro/Dollar exchange rate stabilizing around 1.14 is considered a favorable development for export competitiveness.
Sectoral Highlights for May
Key sectors showed varied performance in May. The textile and apparel sector saw a slight decrease of 1.7% to $131 million. On the other hand, electrical-electronics exports rose by 14% to $93 million, iron and non-ferrous metals grew by 5% to $70 million, agricultural exports increased by 13% to $33 million, and mining exports climbed by 8% to $29 million. Significant growth was also recorded in several niche sectors: HVAC (66% increase), processed fruits and vegetables (48%), hazelnuts and products (35%), furniture, paper, and forest products (27%), and the automotive industry (22%).
Top Export Markets: The UK Leads
The United Kingdom remained Denizli’s top export destination, with exports rising by 3% to $59 million. The United States followed with a significant 24% increase, totaling $46 million. Italy ranked third with an 11% increase to $40 million, while exports to Germany decreased by 11% to $36 million. The Netherlands, in fifth place, saw a 7% decline to $20 million.
Türkiye’s Economy Grew 2% in Q1 2025
According to the Turkish Statistical Institute (TÜİK), Türkiye’s GDP grew by 2% in the first quarter of 2025 compared to the same period in 2024. Sectoral performance showed mixed results: real estate activities rose by 2.4%, services by 1.3%, and construction by 7.3%, while agriculture contracted by 2% and industry by 1.8%. Net exports contributed -0.6 percentage points to the overall growth. However, it is expected that easing competitiveness constraints will soon shift net exports to a positive contribution.
Manufacturing PMI Hits Lowest Level of the Year
The Istanbul Chamber of Industry (ISO) reported that Türkiye’s Manufacturing Purchasing Managers’ Index (PMI) stood at 47.2 in May, slightly below the previous two months’ 47.3. This marks the 14th consecutive month of contraction in manufacturing activity. Out of 10 monitored sectors, only two—apparel and leather products, and non-metallic mineral products— showed growth. Apparel and leather products rebounded strongly after recent declines, while the textile sector continued to experience significant slowdowns in production and new orders, with the sharpest contraction since October 2023.
US Delays 50% Tariff on EU Imports
In international trade developments, US President Donald Trump announced a delay in the implementation of a 50% tariff on European Union imports, extending the deadline from June 1 to July 9, 2025. Following a request from European Commission President Ursula von der Leyen, both sides agreed to resume expedited trade negotiations. Von der Leyen emphasized the importance of the EU-US trade relationship, calling it one of the world’s most significant and close partnerships.
