Turkey’s exports rise 8.8% y/y to USD 13.8bn in November.

By bne IntelliNews December 2, 2013

Turkey’s exports rose 8.8% y/y to USD 13.8bn in November, the Turkish Exporters’ Assembly (TIM) said on Monday.

In Jan-Nov, exports declined slightly by 0.3% y/y to USD 138.3bn while exports in the last twelve months (between November 2012 and November 2013) were down 0.2% y/y to USD 150.9bn. The government recently revised down its estimate on exports for 2013 to USD 153.5bn in its new medium-term programme (MTP), covering 2014-2016, from USD 158bn in the previous MTP.

Merchandise shipments had grown only 1.5% y/y to USD 11.9bn in October following a stronger increase of 11% y/y to USD 12.56bn in September.

Ready-wear & confection shipments (12% share in total exports) were up 15.8% y/y while auto exports (15.1% in total) rose 18.2% y/y in November, but the country’s steel exports (8.4% in total) plunged 2.2% y/y. Chemicals exports (11.4% share in total) also declined by 0.3% y/yin the month.

TIM said that Turkey’s exports to the EU rose 9% y/y in November and merchandise shipments to the Middle East were up 14% y/y and there was a 4% increase in exports to Africa. Germany remained Turkey’s largest export market with USD 1.32bn (9.23% share in total exports), followed by Iraq with USD 1.21bn.

TIM announces its export data one month before the statistics institute (TUIK). Exports were down 8.2% y/y to USD 12.1bn (market estimate: USD 12.38bn) in October but imports rose 3.7% y/y to USD 19.48bn (market estimate: USD 19.52bn), TUIK said last week. Turkey’s foreign trade deficit widened 31.8% y/y to USD 7.38bn in October versus the market consensus forecast of USD 7.35bn.

The seasonally adjusted Turkey Manufacturing PMI registered 55 in November, its 32-month high, Markit said which compiles data also on Monday. Export orders rose for a fourth month in a row, according to Markit’s survey.

The headline real sector confidence index, an indicator of business sentiment, fell from 107.5 in October to 104.5 points, a ten-month low, in November, the Central Bank’s monthly tendency survey showed last week. Export orders index (next three months) also dropped from 120.3 to 112.5 in the month. 

Related Articles

Record decline in Turkish central bank’s gross forex reserves pushes holdings to $89.9bn

The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more

Ankara and Tehran join wave of anger directed at Trump’s recognition of Jerusalem as Israel’s capital

US President Donald Trump's December 6 announcement that his administration has decided to unilaterally recognise Jerusalem as Israel's capital was described as “against international law” by ... more

Erdogan accuses Turkish opposition leader of lying in claiming his family has transferred millions to Isle of Man

President Recep Tayyip Erdogan has accused Turkey’s main opposition party of peddling lies by saying that his family has transferred millions of dollars into foreign bank accounts to avoid taxes. ... more