TURKEY: Trade deficit reaches $18,3 million

Turkey's foreign trade deficit reached $18,3 million between January and November of last year, a 36,9% year-on-year increase, according to figures released in mid-January by the State Statistical Institute (DADO). The strong Turkish lira has contributed to this trade imbalance, which is still recovering from the 2001 financial crisis and the preceding recession. This view is supported by the export sector, which asserted that the lira's appreciation against the dollar was negatively impacting its industry.
Exports increased by 29,2% to $42,4 billion during the same period, while imports reached $60,7 billion, representing a 31,4% increase compared to 2002, according to DADO. Imports of capital goods rose by 28,5%, intermediate goods by 31,3%, and consumer goods by 44,1% in the first eleven months of 2003. Oil imports grew by 18,4%, or $4,4 billion.
However, in November, for the first time this year, imports exceeded exports. The trade deficit in November fell by 5,6% compared to the previous year, amounting to $1,3 billion.