Foreign trade deficit widens to $7.4 billion in November

ISTANBUL

Türkiye’s foreign trade deficit widened by 23.3 percent to $7.4 billion in November from a year ago, but the 11-month trade gap shrank 27 percent, official data showed on Dec. 2.

Exports were down 3.1 percent year-on-year to $22.3 billion, while the country’s imports grew by 2.4 percent to $29.65 billion last month, the Trade Ministry said.

In the first 11 months of 2024, exports amounted to $238.5 billion, rising 2.5 percent annually. The 12-month trailing export revenues were $261.4 billion as of November.

In January-November, imports declined by 6.4 percent from a year ago to $311.7 billion, leading to a foreign trade deficit of $73.2 billion, down 27 percent year-on-year.

The country’s 12-month trade deficit was $79.3 billion as of November.

The export/import coverage ratio fell by 4.2 points from November 2023 to 75.2 percent last month, said the ministry.

Germany remained the largest export market at $1.68 billion in November, followed by the U.S. at $1.47 billion. The U.K. and Italy came third and fourth at $1.27 billion and $1.25 billion, respectively. Exports to Iraq totaled $1.09 billion last month.

Russia was the largest supplier of goods to Türkiye with imports from this country standing at $3.67 billion. Imports from China and Germany were $3.63 billion and $2.3 billion, respectively.