A record-breaking November shifts Turkey closer to all-time annual exports

Turkey's exports reached their highest level ever in November, according to official figures released on Saturday, the fifth consecutive monthly high that brings the country one step closer to attaining its largest yearly sales to foreign markets ever.

Outbound shipments increased 5.2% year on year to more than $23 billion (TL 664.70 billion), while imports decreased 5.6% to $28.93 billion, according to Trade Minister Mer Bolat during a ceremony in Istanbul to reveal preliminary trade numbers.

"Thus, just as in July, August, September, and October, we have broken our all-time highest export record in November," Bolat told reporters. 

The trade deficit, defined as the difference between what Turkey sells and what it buys in foreign markets, continued to shrink in November, falling 32.6% year on year to $5.9 billion based on turkey export data.

According to Bolat, this is the fourth month in a row that the shortfall has decreased. The administration supports measures that aim to convert chronic deficits into current account surpluses through increased exports and investments.

Because it incorporates investment flows as well as trade in goods and services, the current account is the most comprehensive measure of commerce. A deficit indicates that Turkey consumes more from abroad than it sells.

In the January-September period, the difference was $40.8 billion. The rolling 12-month deficit was $51.7 billion. According to the government's medium-term plan, it will be nearly $43 billion by the end of the year.

"We see a balanced situation based on our observations of October and November foreign trade figures." "We hope to end the year with a figure close to the medium-term programme target," Bolat said. He added that the export-import coverage ratio increased by 8.2 points to 79.5% in November.