Turkey’s foreign trade gap declines over 4 percent in November

ANKARA

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Turkey’s foreign trade deficit regressed to $4.11 billion in November with a 4.1 percent decline compared to the same month of 2015, data from the Turkish Statistics Institute (TÜİK) showed on Dec. 30. 

The country’s trade gap declined to $50.4 billion in the first 11 months of the year, with an around 12 percent of drop compared to the same period of 2015, according to TÜİK data. 

Turkey’s exports in November surged by 9.7 percent year-on-year, while imports rose 6 percent. 

The country’s exports in November were announced at over $12.8 billion, while imports also rose to around $16.93 billion. 

Turkey’s exports to the European Union, its main trading partner, increased by 6.6 percent in November to almost $6 billion compared to the same month of 2015.     

However, the proportion of EU countries in Turkey’s exports fell slightly to 46.7 percent in November 2016, from 48 percent in November 2015, according to TÜİK data. 

Germany, the EU’s largest economy, was the largest receiver of Turkish goods in November, worth $1.24 billion. It was followed by the United Kingdom with imports from Turkey worth $874 million and the United Arab Emirates with imports worth $833 million. 

Turkey imported goods worth over $2.1 billion from China in November. Germany was the second-largest exporter to the country, with over $1.82 billion for the month, and Russia was third with over $1.3 billion due to gas imports.