Turkey's foreign trade deficit up again in November

Turkey’s foreign trade deficit up again in November

According to the data announced by the State Institute of Statistics (DIE), Turkey's foreign trade deficit reached $2.96 billion in November with a rise of 132.3% compared to $1.3 billion recorded in the same period of last year. This rise is largely attributed to the seasonal factors. With this figure, the trade deficit reached $30.6 billion level in Jan-Nov period, indicating a rise of 65.9% against previous year. In November, imports, which regressed to below $8 billion level in October, jumped again to $8.4 billion level due to seasonal factors. Exports declined to $5.5 billion level in the mentioned period, widening the monthly trade deficit. In the light of these figures, balance of payments on current accounts is expected to post a deficit of $1.6 billion for November. The trade balance could report a deficit of $3 billion in December, according to the economists. The data of Turkish Exporters Association (TIM) shows that exports will reach $6.3 billion level in December. Imports are expected to amount $9.2 billion under the adverse seasonal conditions.