Turkish imports jump in November, exports contract
Turkish imports climbed an annual 11.4 percent in November, according to preliminary data.
Imports rose to $18.2 billion, the Trade Ministry said on its website on Monday. Exports fell by an annual 1.1 percent to $16.2 billion. The overall trade deficit was about $2 billion.
Turkey’s economy is recovering from a currency crisis in the summer of 2018 that ravaged consumer demand. The economic downturn also helped rebalance the economy as imports contracted sharply and exports climbed. That trend now appears to be reversing.
Turkey’s foreign trade deficit more than tripled in October, the Turkish Statistical Institute said on Friday. The deficit widened to $1.81 billion from $497 million in October last year. The trade gap had increased by an annual 6.6 percent in September and by 1.2 percent in August. It narrowed 47 percent in July.
In November, exports covered 89 percent of imports, the ministry said. The ratio was 90 percent in October.