Türkiye's exports see record high November figure
Türkiye achieved a record-high export figure of $23 billion in November, marking a 5.2% increase from the previous year, according to the country's trade minister, Omer Bolat. Despite facing challenges, this growth in exports for the fifth consecutive month contributed to narrowing the foreign trade deficit by 32.6% year-on-year to $5.9 billion. Turkish imports declined by 5.6% to $28.9 billion in November, leading to an improved export-import coverage ratio of 79.5%
- Türkiye
- Agencies and A News
- Published Date: 11:45 | 02 December 2023
- Modified Date: 11:45 | 02 December 2023
Türkiye's exports saw a record high November figure at $23 billion, the country's trade minister announced on Saturday.
Overseas shipments increased 5.2% from a year earlier, Omer Bolat told a news conference in Istanbul on Türkiye's preliminary foreign trade data.
"Despite all the challenges and problems", exports grew on a monthly basis for the fifth consecutive month in November, Bolat said.
Turkish imports fell 5.6% from the prior year to $28.9 billion in November, he added.
Thus, the country's foreign trade deficit continued to narrow in November, down 32.6% year-on-year to $5.9 billion, Bolat said, adding that the export-import coverage ratio rose 8.2 points to 79.5% in the same period.
In the January-November period, Türkiye's exports hit $232.9 billion, edging up by 0.7% from last year while its inbound shipments ticked down 0.5% to $332.8 billion, he said.
"We estimated that the negative impact of the Feb. 6 earthquakes on our exports in the February-November period is over $6 billion," Bolat said.
Thanks to a hike in exports and decline in imports, Türkiye's trade gap shrank for the fourth month in a row, the trade minister said.
The figure plunged 32.6% at an annualized pace to $5.9 billion in the month, he added.