Turkey’s export-import coverage ratio rose to 86.8% this January-November, up from 75.6% in the same period last year, said Turkey’s trade minister on Monday.
“Our exports in November totaled $16.2 billion, the fourth-highest monthly export figure in 11 months,” said Ruhsar Pekcan.
Pekcan said through November the foreign trade deficit fell 51.84% to $25.1 billion.
“In November, imports rose 11.44% to $18.1 billion compared to the same month last year,” she said.
Pointing to the significant fall in imports in the first half of 2019, she said this rise also helped push up both production and investments.
“Our goal, in the medium-to-long term, is to keep this export-import coverage ratio at a sustainable level and consistent with Turkey’s value-added oriented high-growth perspective,” she added.
However, she said, in terms of the first 11 months as a whole, imports fell 11.29%, reaching $190.2 billion.
Commenting on growth figures also released today, Pekcan said with the third quarter figures Turkey was back in positive territory, adding that she expects to see even better figures by the end of the year.
Turkey’s economy expanded 0.9% year-on-year in the third quarter of this year, the country’s statistical authority reported Monday.
EU takes crown in Turkey export
“The leading sector in November was the automotive sector with $2.7 billion in exports, followed by the chemicals sector with $1.8 billion,” said Ismail Gulle, head of the Turkish Exporters’ Assembly (TIM).
He added that the ready-made clothing and apparel sector reached $1.5 billion, putting it third.
Looking over the 11 months, Gulle said Turkey’s defense and aviation products export to the United Arab Emirates and Qatar more than doubled.
Also rising more than 100% over the period were chemical product exports to Lebanon, Nigeria, Singapore, the Netherlands, and Slovenia, steel products to Saudi Arabia and Ukraine, automotive exports to Azerbaijan, and hazelnut exports to Italy, he said.
“The EU took the largest share in Turkey’s export with a volume of $7.7 billion, or 47.5% of total exports,” followed by the Mideast with $3.2 billion, non-EU countries ($1.4 billion), and Asian countries ($1.1 billion), he said.
“Germany, Iraq, and the United Kingdom were the 3 countries we exported the most to,” he noted.
He said the top three export provinces were Istanbul with $6.1 billion, Bursa ($1.38 billion), and Kocaeli ($1.3 billion).