Minister Bolat highlights factors behind Turkiye’s export decline

By News Centre

The Ministry of Trade has released the foreign trade data of Turkiye for November. Turkiye's exports in November decreased by 3.1 per cent compared to the same month last year, totalling $22.291 billion, while imports increased by 2.4 per cent, reaching $29.654 billion.

Commenting on the export figures at a meeting held in Ankara, Trade Minister Ömer Bolat stated, "There was a limited decrease of 3.1 per cent in exports compared to the same month last year. Despite this decrease, the overall growth in our goods exports continues. We have achieved the second-highest November export figure in the history of the Republic. Our aim is to increase investment, production, employment, and exports, while sustainably reducing the current account deficit."

Bolat explained the reasons behind the limited decrease in exports, which amounted to $23 billion last year: "We can summarize the main reasons for this limited decline in three key points. Firstly, the downward trend in our energy and gold exports continued in November. Secondly, the drop in the euro/dollar exchange rate also exerted downward pressure on our exports. Thirdly, the transition process to the New Computerized Transit System (NCTS Phase-5) in line with EU standards took 1-2 days for us to adapt, which initially slowed down our exports but we eventually normalized it."

Bolat highlighted that in the first 11 months of this year, goods exports increased by 2.5 per cent to $238.5 billion. "We achieved a net increase of $5.8 billion in goods exports. From January to November, our imports decreased by 6.4 per cent to $311.7 billion, a reduction of $21.2 billion. The increase in exports and the decrease in imports contributed 2.2 points to Turkiye's 3.2 per cent growth rate over nine months. Over the past year, goods imports decreased by $24.8 billion, meaning our foreign trade deficit decreased by approximately 30.6 per cent, falling to $79.3 billion."

Recalling that service exports reached a record $106 billion last year, Bolat pointed out that the target for this year is $110 billion. He provided further details: "Our 11-month service exports will reach approximately $104.6 billion, an increase of about 7 per cent. On an annualized basis, we estimate that it will rise to $112.8 billion by November."

The Chairman of the Turkish Exporters Assembly (T?M), Mustafa Gültepe, noted that Turkiye's exports to 43 countries increased by more than 50 per cent in November. "We recorded an export increase of over 10 per cent in 96 countries. Overall, we increased our exports to 120 countries. The countries we exported the most to were Germany, the USA, the United Kingdom, Italy, and Iraq," he said.

Bolat highlighted that among the products with increased exports, the automotive sector topped the list with an increase of $2.3 billion. "This sector was followed by steel with an increase of $1.1 billion, hazelnuts and products with $719 million, electrical and electronic goods with $511 million, and chemicals with $500 million. The five sectors with the most significant declines were ready-made garments and clothing with a decrease of $719 million, olives and olive oil with $638 million, jewellery and gold with $558 million, cement, glass, and ceramics with $187 million, and leather products with $137 million," he concluded.