Turkey: Trade deficit hits almost $100 billion in 11 months

The increase in Turkey's exports in November was almost seven times the increase in its imports, according to data provided by Turkish Statistical Institute (TUIK).

While Turkish exports grew by 2.1% in November compared to the same period in 2021, reaching $21.9 billion, the exports increased 14%, reaching $30.6 billion.

The trade deficit increased by 60.7% last month, compared to November 2011, hitting $8.7 billion.

The rate of imports against exports fell from 79.8% in November 2021 to 71.4% last month.

The exports in the first 11 months of 2022 increased by 13.9% compared to the same period of time in 2021, reaching almost $231.3 billion, while exports increased by 36.6%, reaching $331.1 billion, signifying a trade deficit of almost $100 billion.

The rate of imports against exports in the first 11 months of the year fell from 83.8% in 2021 to 69.9% in 2022.

Germany was ranked the first country with a volume of $19.3 billion in Turkey's exports in the first 11 months of 2022. It was followed by US with a volume of $15.5 billion, Iraq with $12.6 billion, United Arab Emirates with $11.9 billion, Italy with $11.3 billion. The exports to these five countries constituted 30.6% of total Turkish exports.

Russia was ranked first with a volume of $54.3 billion in Turkey's imports in the same period of time. It was followed by China with $37.7 billion, Germany with $21.5 billion, US with $14 billion, Switzerland with $12.8 billion.

The imports from the five countries constituted 42.4% of total Turkish imports in the first 11 months of 2022.