Turkish exports drop for the first time in 2014

Increase partly due to 106.3 percent rise in gold imports in November.

Turkish exports drop for the first time in 2014
World Bulletin / News Desk
 
Turkey’s exports in November were lower for the first time in 2014, the Turkish Statistical Institute said in a report on its website on Wednesday.

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.

 

Last Mod: 31 Aralık 2014, 12:40
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