Foreign trade deficit narrows 90% in Nov

ANKARA (AA): Turkey’s foreign trade deficit in November narrowed by 90 percent year-on-year, the Turkish Statistical Institute (TurkStat) reported on Monday.

The foreign trade gap in November totaled $651 million, down from $6.4 billion in the same month last year.

Turkey’s exports rose 9.4 percent to reach over $15.5 billion, while imports decreased 21.3 percent to $16.2 billion during the same period. Thus, the exports-to-imports coverage ratio surged to 96% last month, up from 69 percent in November 2017.

TurkStat showed that Turkey’s exports to its main trading partner EU increased 11 percent on a yearly basis, totaled $7.7 billion in November. Germany was the main recipient of Turkish exports, reaching some $1.4 billion last month. It was followed by the UK with $983 million, Italy with $851 million and Iraq with $855 million.

Turkish imports mostly came from Russia with almost $1.8 billion in November. Imports from Germany amounted to $1.6 billion, from China $1.4 billion and from the US $1.1 billion.