Turkish export indicator for May plummets

Turkish Exporters Assembly has released early indication for export performance in May based on its own sample. The association reported that exports declined by a sharper 19% y/y in May vs. 9.8% in April, excluding gold trade, notes Commerzbank. Based on its sample, exports to the EU fell again in May, this time by a sharper 22% y/y. 

Gold trade is volatile, and usually will not surprise in the same direction every month -- hence, is unlikely to be a supportive factor in the May data -- this makes it an early indication of bad trade and current account data for May, which will likely pressure the lira further.