Foreign trade deficit widens by 25 percent in November

ANKARA

Exports fell by 3.1 percent annually to $22.3 billion, while imports rose 2.7 percent to $29.8 billion, leading to a foreign trade deficit of $7.46 billion in November, up 24.9 percent from a year ago.

In the first 11 months of 2024, the foreign trade deficit shrank 26.8 percent year-on-year to $73.3 billion. From January to November, exports increased by 2.5 percent annually to $238.5 billion and imports declined 6.3 percent to $311.8 billion, the Turkish Statistical Institute (TÜİK) said on Dec. 31.

Excluding energy and gold, the foreign trade gap was $1.15 billion in November, according to TÜİK data.

The export/import coverage ratio fell from 79.4 percent in November 2023 to 74.9 percent. Excluding energy and gold, the coverage ratio was 94.8 percent.

On a seasonal and calendar adjusted basis, exports and imports rose by 0.3 percent and 2.7 percent month-on-month in November.

Exports to Germany amounted to $1.68 billion in November. The U.S. and the U.K. ranked second and third at $1.47 billion and $1.39 billion, respectively.

Türkiye exported $1.21 billion worth of goods to Italy, while shipments to Iraq generated $1 billion in export revenues.

Russia was the largest supplier of goods to Türkiye with imports from this country standing at $3.98 billion, followed by China at $3.63 billion and Germany at $2.3 billion.

Türkiye’s consumer goods imports surged 15.5 percent in November from a year ago to $5.15 billion and the annual increase in intermediate goods imports was 3.9 percent to $20.4 billion.

Capital goods imports, however, plunged nearly 16 percent in November to $4.12 billion.