First decrease of exports in 2014 by 7.5 pct in November

Turkish exports drops for the first time in 2014 according to data released by Turkish Statistical Institute (TÜİK) yesterday. According to the provisional data produced with the cooperation of TÜİK and the Ministry of Customs and Trade, in November 2014; exports were $13.1 billion with a 7.5 percent decrease and imports were $21.5 billion with a 0.2 percent increase compared with November 2013. In the same month, foreign trade deficit increased by 15.3 percent from $7.2 billion to $8.3 billion. In November 2014, exports coverage imports was 61.2 percent, while it was 66.3 percent in November 2013.

As compared with the same month of the previous year, exports to the EU-28 decreased by 8.3 percent from $6.3 billion to $5.8 billion. The proportion of the EU countries was 43.7 percent in November 2014, while it was 44.1 percent in November 2013.

In November 2014, the main partner country for exports was Germany with $1.3 billion. Germany was followed by Iraq ($943 million), the United Kingdom ($848 million) and Italy ($639 million).

In November 2014, the top country for Turkey's imports was Russia ($2.05 billion), records for imports range from China ($2.3 billion), Germany ($1.9 billion) and Switzerland ($1.2 billion).

In response to questions from members of the press, Science, Industry and Technology Minister Fikri Işık said the stagnation in the European Union, which is Turkey's biggest trade partner, is beginning to reflect in Turkey's exports. "The affects of the EU's stagnation on Turkey is very clear" said Işık, adding that exports to the EU dropped 8.3 percent. Işık also stated that uncertainties in Iraq and Russia, which are also strong importers, are reasons behind the slowing exports. "Our region hasn't seen such a turbulent period since World War I," said Işık, who called Turkey's export performance a "success" despite developments.