Trade Deficit Soars to $7.5 Billion

In November, the foreign trade deficit increased by 24.9% compared to the same month of the previous year, rising from 5 billion 973 million dollars to 7 billion 459 million dollars. According to the provisional foreign trade statistics produced in cooperation with the Turkish Statistical Institute and the Ministry of Trade, exports in November 2024 decreased by 3.1% year-on-year to 22 billion 289 million dollars, while imports increased by 2.7% to 29 billion 748 million dollars.

According to the general trade system, exports in the January-November period of 2024 increased by 2.5% compared to the same period of the previous year, reaching 238 billion 462 million dollars, while imports decreased by 6.3% to 311 billion 798 million dollars. In November, exports excluding energy products and gold increased by 0.1%, while imports rose by 1.0%. Exports excluding energy products and non-monetary gold reached 20 billion 788 million dollars in November 2024, up from 20 billion 764 million dollars.

In the same month, imports excluding energy products and non-monetary gold rose to 21 billion 933 million dollars, from 21 billion 708 million dollars. The foreign trade deficit excluding energy products and non-monetary gold stood at 1 billion 145 million dollars in November, while the total trade volume increased by 0.6%, reaching 42 billion 720 million dollars. In this month, the ratio of exports to imports excluding energy and gold was 94.8%.

In November, the foreign trade deficit increased by 24.9%. The shortfall rose from 5 billion 973 million dollars to 7 billion 459 million dollars year-on-year. The ratio of exports to imports dropped to 74.9% in November 2024, down from 79.4% in November 2023.

In the January-November period, the foreign trade deficit decreased by 26.8%, falling from 100 billion 240 million dollars to 73 billion 336 million dollars. The ratio of exports to imports increased from 69.9% in the January-November period of 2023 to 76.5% in the same period of 2024.

In November, the manufacturing industry's share in total exports reached 93.7%. In terms of economic activities, the manufacturing industry accounted for 93.7% of exports, while agriculture, forestry, and fisheries contributed 4.3%, and mining and quarrying accounted for 1.4%. In the January-November period, the shares were 94.2%, 3.6%, and 1.7%, respectively.

In November, the share of intermediate goods in total imports was 68.5%. According to the classification of broad economic groups, the shares were 68.5% for intermediate goods, 13.9% for capital goods, and 17.3% for consumption goods. In the January-November period, the shares were 69.3% for intermediate goods, 14.8% for capital goods, and 15.7% for consumption goods.

Germany was the leading country for exports in November, with exports amounting to 1 billion 682 million dollars. The United States followed with 1 billion 470 million dollars, followed by the United Kingdom with 1 billion 390 million dollars, Italy with 1 billion 213 million dollars, and Iraq with 1 billion 87 million dollars. Exports to the top five countries represented 30.7% of total exports.

In the January-November period, Germany also ranked first in exports, amounting to 18 billion 793 million dollars, trailed by the United States with 14 billion 851 million dollars, the United Kingdom with 13 billion 878 million dollars, Iraq with 11 billion 844 million dollars, and Italy with 11 billion 749 million dollars. Exports to these top five countries comprised 29.8% of total exports.

In imports, the Russian Federation ranked first. Imports from Russia amounted to 3 billion 979 million dollars in November, followed by China with 3 billion 628 million dollars, Germany with 2 billion 300 million dollars, Italy with 1 billion 968 million dollars, and Switzerland with 1 billion 337 million dollars. Combined imports from the top five countries constituted 44.4% of total imports.

In the January-November period, China led in imports, with a total of 41 billion 51 million dollars, followed by the Russian Federation with 39 billion 480 million dollars, Germany with 24 billion 487 million dollars, Italy with 17 billion 553 million dollars, and the United States with 14 billion 840 million dollars. The imports from the top five countries made up 44.1% of total imports.

According to the seasonally adjusted series, exports increased by 0.3%. In November 2024, exports rose by 0.3% month-on-month, while imports climbed by 2.7%. In the working-day adjusted series, exports decreased by 0.9% compared to November of the previous year, and imports surged by 6.3%.

The share of high-tech products in manufacturing exports was 3.9%. The trade data based on technology intensity includes manufacturing products classified under ISIC Rev.4. In November, manufacturing products accounted for 93.7% of total exports based on ISIC Rev.4. The share of high-technology products in manufacturing exports was 3.9%. In the January-November period, this share was 3.5%.

In November, manufacturing products accounted for 80.6% of total imports, with high-tech products making up 11.5% of manufacturing imports. In the January-November period, the share of manufacturing products in total imports was 81.7%, and the share of high-tech products was 11.1%.

According to the special trade system, exports in November 2024 amounted to 20 billion 596 million dollars, down 1.8% compared to the same month of the previous year, while imports rose by 3.6% to 28 billion 457 million dollars. In November, the foreign trade deficit increased by 20.8%, rising from 6 billion 509 million dollars to 7 billion 861 million dollars. The ratio of exports to imports decreased from 76.3% in November 2023 to 72.4% in November 2024.

In the January-November period of 2024, exports amounted to 216 billion 386 million dollars according to the special trade system, representing a 2.3% increase compared to the same period of the previous year, while imports decreased by 6.7% to 290 billion 994 million dollars. The foreign trade deficit decreased by 25.5% in the January-November period, dropping from 100 billion 208 million dollars to 74 billion 608 million dollars. The ratio of exports to imports increased from 67.9% in the January-November period of 2023 to 74.4% in the same period of 2024.