Exports decreased 7.5 percent in November from the same month in the previous year, to $13.1 billion, while imports rose 0.2 percent to $21.4 billion.

The foreign trade deficit widened 15.3 percent to $8.3 billion from $7.2 billion. The deficit was greater than analysts had forecast.

A panel of leading economists polled on Dec. 29 in The Anadolu Agency's "Foreign Trade Expectation Survey" predicted that Turkey's November foreign trade deficit would be about $7.5 billion.

Markets did not react sharply to the move, as the near $1 billion deviation from the estimates is largely attributed to a surge in gold imports in November. 

Turkey’s gold imports saw a whopping 106.3 percent increase to $2.1 billion dollars in that month, according to the report.

Further, the overall foreign trade deficit for the period between January to November declined 15.5 percent to $76 billion.