Turkey Trade Deficit Rises to $8 Billion in November

Turkey’s trade deficit widened notably in November as imports grew faster than exports, according to official data released by the Turkish Statistical Institute.

The figures show that the trade deficit reached about $8 billion, up from $7.5 billion in the same period last year, remaining close to October’s level.

Exports recorded a 1.3% annual increase, while imports rose by 2.6%, deepening the trade deficit amid continued pressure on the country’s external balance.

Foreign Trade Details

Excluding energy products and non-monetary gold, the foreign trade gap stood at $1.85 billion, indicating that pressures extend beyond strategic commodities.

China was the main import partner in November, followed by Russia, Germany, Switzerland, and the United States.

On a seasonally adjusted basis, exports grew by 2.2% while imports increased by 1.2%.

Macroeconomic Indicators

Meanwhile, Turkey’s economy expanded by 3.7% year-on-year in the third quarter, below expectations due to monetary tightening and slowing domestic demand.

Central bank data also showed a continued rise in capacity utilization for the third consecutive month, while manufacturing confidence remained stable.