FOREIGN TRADE DEFICIT UP BY 6.9% IN NOVEMBER

The foreign trade deficit increased by 6.9% to USD 5.4bn in November, compared to the same month last year, according to preliminary data released by the Ministry of Trade and the Turkish Statistical Institute (TurkStat). The export/import coverage ratio rose from 76.1% to 79.9% in November, year over year. Exports rose by 33.7% to USD 21.5bn, while imports increased by 27.3% to USD 26.9bn in November, compared to the same month last year. The share

of exports sent to Turkey’s top five export destinations generated 32.3% of the country’s total exports while imports from the top five countries represented 37.8% of total imports in November. Seasonally- and calendar-adjusted exports rose by 1.2% while imports surged by 13.2% in November, compared to the previous month.