Turkey’s exports fell by 6.4% y/y to $12.9bn in November as sales of goods to the EU, the country’s largest market, dropped 8% y/y, data of the Turkish Exporters’ Assembly (TIM) showed on December 1.
In January-November, exports rose by 4.4% y/y to $144.3bn.
Ready-wear & confection exports were down 8.9% y/y, automotive exports fell 11.1% y/y, and steel exports dropped 19.9% y/y, data showed. Overall industrial exports fell 7.5% y/y to $7.7bn, agricultural exports declined 10.3% y/y to $1.1bn.
Germany remained Turkey’s largest market in November with a 9.93% share in total exports but TIM said sales of goods to the euro zone’s biggest economy fell 7% y/y to $1.2bn in the month. Exports to Iraq that fell 22.6% y/y in October dropped by another 23% y/y in November. Shipments of goods to the UK, Turkey’s third largest export market, were down 4% y/y. TIM also reported 8% y/y decline in exports to Africa and 0.4% y/y fall to the Middle East. On the contrary, exports to the North America rose 37% y/y. The November trade data is a stark reminder of how the performance of the Turkish economy and exports are closely linked to the performance of Europe’s fragile economy.
Turkey’s foreign trade deficit, which is one of the main determinants of the current account deficit, narrowed 15.8% y/y to $6.25bn in October, as exports rose 7.3% y/y and imports fell 1.5% y/y, according to the latest data from the statistics office, TUIK. But, the decline in exports in November as reported by TIM may cause some concerns. The country’s current account deficit, on the other hand, fell 34% y/y to $2.2bn in September, the Central Bank of Turkey said last month.
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