Turkey's foreign trade gap at $5B in November

ANKARA

Turkey's foreign trade deficit stood at $5 billion in November, said the country's statistical authority on Thursday.

The figure posted a 153.5% rise compared to the same month last year, according to TurkStat.

Turkish exports fell slightly 0.9% on an annual basis to hit $16.1 billion in the month, while imports jumped 15.9% to $21.1 billion during the same period.

The exports-to-imports coverage ratio slipped to 76.2% last month, down from 89.1% last November.

This November, the country's main trading partner Germany received $1.5 billion worth of Turkish exports or a 9.4% share of total exports.

It was followed by the UK with $1.1 billion, Iraq with $953 million and the US with $905 million, TurkStat said.

The top country for Turkey's imports was Germany with $2.4 billion last month, followed by China, Russia, and Switzerland with $2.2 billion, $1.7 billion, and $1.6 billion, respectively.

In January-November, Turkey's foreign trade gap expanded by 82.5% year-on-year to $45.3 billion.

The country's exports reached $151.6 billion, decreasing by 8.3% while imports totaled $197 billion, up 3.5% during the eleven-month period.