Turkey's exports see all-time high with $21.5B in November

ANKARA

Turkey's exports reached an all-time high with $21.5B in November, up 33.4% year-on-year, the trade minister said on Thursday.

The country's exports through January-November totaled $203.1 billion, exceeding the pre-pandemic level, Mehmet Mus said during a news conference in the capital Ankara, where he revealed the country's preliminary foreign trade data for the last month.

In November, the country's imports rose to $26.8 billion, marking a 26.7% annual increase, while the figure saw a 22.9% rise to $242.3 in January-November compared to the same period last year.

The exports-to-imports coverage ratio reached 80% in November, up 4 percentage points from the same month last year, he said, adding it was recorded at 101.2% excluding energy.

The $48.3 billion foreign trade volume in November is the highest monthly figure, Mus said.

Turkey's foreign trade deficit decreased by 13.6% in the January-November period compared to the same period last year and decreased to $39.2 billion.

The effect of energy imports was seen in both imports and foreign trade deficit in November, he stated.

Exports driving force of growth

Exports continued to be the driving force of growth in the third quarter, Mus remarked, further saying contribution of net exports of goods and services to growth was 6.8 points.

"Thus, 92% of the high rate of growth in the third quarter stemmed from net exports of goods and services. In other words, Turkey has grown by producing and selling its products abroad," he underlined.

The trade minister also said many EU countries and the US have shifted their investments to Turkey through their supply network amid the COVID-19 pandemic, leading Turkey to benefit from its location and competitiveness.

These results show that the increase in Turkey's exports is not temporary but permanent, Mus said, adding Turkey embraces new investments and business models as a strong and reliable supplier.

"It is a shallow approach to attribute the superior performance in exports only to the exchange rate," he stressed.