Turkish exports hit their highest ever November figure with $15.5 billion – an increase of 9.5% in November 2017. Throughout 2018, Turkish exports have increased by 7.8% – to a total of $168.1 billion.
Simultaneously, November saw a decreased in imports – from 21.47% to $16.1 billion, with export-to-import coverage ratio rising to 96.3% – up 69% from November 2017.
Chairman of Turkey's Exporters' Assembly (TIM), Ismail Gülle, said, “Following similar successes in October, we are delighted that November's exports are continuing to break records. This has been a remarkable year for Turkish industries and we are confident that we will reach our export goal of $170 billion by the end of 2018.”
The automotive sector reported the highest export levels during November, with $2.7 billion and an impressive 4.7% increase over the same period the prior year. The steel sector, meanwhile, achieved $1.7 billion in exports, and the ready-to-wear and apparel sectors exported $1.5 billion worth of products.
The steel sector's 32% rise in exports was the highest increase of any sector. Significantly, steel exports to the EU grew by 76%, with an eight-fold increase in exports to Belgium alone. The defense and aviation industry experienced the second highest increase during November, and Turkish Lira exports reached $4.8 billion – an increase of 17.2%.
Looking ahead to 2019, Mr. Gülle said, “Exports will remain at the heart of Turkey's economy and our mission is to ensure that the successful growth levels and strong trade surplus we are experiencing now continue. To that end, we are very pleased that President Erdogan has launched a new investment and employment initiative which will guarantee that we keep up the pace and achievements next year that have characterized our export industries in 2018.”