Türkiye’s exports reach $233 bln in 11 months

ANKARA

Türkiye’s export revenues amounted to $232.9 billion in the January-November period, rising 0.7 percent from a year ago, the data from the Trade Ministry have shown. 

The 12-month rolling exports of the country hit $252.5 billion. 

In the medium-term program, the government projects exports at $255 billion for 2023, but probably they will be around $256 billion, Trade Minister Ömer Bolat said. 

Türkiye's exports stood at a record-high November figure of $23 billion, increasing by 5.2 percent year-on-year.

Despite all the challenges, exports have been growing since July, and strong performance continued well into November, Bolat said.

Imports were down 5.6 percent from a year ago to $28.9 billion. The country’s current account deficit, consequently, shrank 32.6 percent from November 2022 to $5.9 billion.

Bolat noted that significant decline in imports, adding that Türkiye posted a current account surplus in September.

“We had a small [current account] deficit in August. We expect our current account to be in balance in October and November, the current account may even post a slight surplus,” he said, adding that the new data will be released in two weeks. 

The export/import coverage ratio improved from 71.3 percent in November 2022 to 79.5 percent last month.

Energy excluded, the coverage ratio was higher at 90.7 percent, while energy and gold excluded, it was 95.2 percent in November, according to the numbers from the ministry.

Germany was once again the main destination for Turkish exports. Shipments to Europe’s largest economy stood at $1.75 billion.

The United Arab Emirates ranked second at $1.46 billion, followed by Iraq at $1.3 billion.

The European Union’s share in exports was 38.9 percent or $8.96 billion in November, rising 6 percent from a year earlier.

Some sectors’ export performance was poor in November due to the unfavorable global conjecture, commented Mustafa Gültepe, the president of the Exporters’ Assembly (TİM).

“We need to review the situation in those industries and take swift actions,” he said.

Apparel exports plunged 12 percent, while shipments by the electric-electronics industry were down 2 percent. Türkiye’s steel imports declined by 11.6 percent in November from a year ago.

On the imports side, China ranked first. Türkiye purchased $3.6 billion worth of goods from the world’s second-largest economy.

Imports from Russia exceeded $3.5 billion, while imports from Germany stood at $2.38 billion.

Türkiye’s consumption goods imports soared nearly 40 percent year-on-year in November to $4.5 billion, while intermediate goods imports dropped 17.5 percent to $19.6 billion. Capital goods imports were up 31 percent to $4.9 billion.