Turkish trade gap tumbled 89.8 percent to USD 0.7 billion in November 2018 from USD 6.4 billion in the corresponding month of the previous year. Exports rose 9.4 percent to USD 15.5 billion while imports slumped 21.3 percent to USD 16.2 billion on the back of a weak lira.
Exports rose 9.4 percent from a year earlier to USD 15.5 billion as sales of manufactured products, which accounted for 93 percent of total shipments, increased 9.7 percent. Also, exports of agriculture, hunting and forestry went up 3.9 percent, and those of mining and quarrying advanced 7.2 percent. Among major trading partners, exports increased mainly to Germany (4.2 percent), the UK (8.7 percent), Italy (4.0 percent), Iraq (36.8 percent), the US (13.0 percent), Spain (23.9 percent), France (0.1 percent), the Netherlands (5.4 percent), Belgium (36.2 percent) and Romania (22.3 percent).
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Imports slumped 21.3 percent to USD 16.2 billion. Purchases of intermediate goods accounted for 76.1 percent of total imports in November and dropped 17.7 percent from a year earlier. Additionally, imports fell for both capital (-20.0 percent) and consumption goods (-43.1 percent). Among major trading partners, imports declined mainly from Russia (-7.9 percent), Germany (-21.0 percent), China (-29.8 percent), Italy (-25.1 percent), India (-16.1 percent), France (-36.2 percent), the UK (-30.9 percent), South Korea (-23.7 percent) and Japan (-4.3 percent). Meanwhile, purchases from the US increased 15.0 percent.
Considering January to November, the trade gap narrowed 22.6 percent to USD 52.3 billion as exports advanced 7.7 percent to USD 154.2 billion and imports dropped 2.0 percent to USD 206.5 billion.