Turkis Economy Generated a Lesser Foreign Trade Deficit 

The economy of Turkey generated a lesser foreign trade deficit in the month of November in contrast to a similar period last year, according to authoritative statistics of the country.

The currency of Turkey steadily traded over the United States dollar and the point of reference slightly dropped while the country is experiencing a neutral market effect to the repo auctions of its central bank.

Based on a written record by TurkStat (Turkish Statistics Institute), the foreign trade deficit of Turkey in November 2011, pointing toward a declining Turkish lira, is beginning to have an apparent effect on the divergence between the export revenue of the country and the total amount it spent in order to purchase goods from foreign countries. According to TurkStat, the foreign trade deficit decreased by almost 3 percent from $7.75 billion in November 2010 to $7.53 billion of the same month this year. Similar annual evaluation of the Turkish Statistics Institute showed that the exports of the country increased by 18.5 percent compared to its imports which only increased by 8.8 percent. The greenback grew from 1.79 Turkish lira from the first day of November 2011 to more than 1.88 Turkish lira at the last day of the month while the euro, the currency used by eurozone's 17 members, mostly remained unaffected at almost 2.45 Turkish lira in a similar period.

During November 2011, the European Union once again was the major trade partner of the European Union, but the shares of the European Union in the total trade of Turkey with other countries dropped to 44.5 percent. Similar amount was higher than 50 percent ten years ago, indicating that the search of the country for different trade partners throughout the world has been extremely effective. In addition, the comparison shows that the country is turning out to be significantly exposed to economic troubles having an effect on the members of the European Union.

Largest Export Markets of Turkey

The largest export markets of Turkey in November 2011 were Russia, Italy, the United Kingdom, Iraq and Germany, based on its ascending order. Turkey imported the majority of its products from China, Germany and Russia, based on its ascending order as well.

In addition, the drop in the foreign trade deficit of the country was a good thing in terms of Turkey's success in battling its CAD (current account deficit), which came forward primarily due to the overdependence of the country on overseas supplies in specific countries, specifically when in terms of technologically advanced products. After over one year of an expanding current account deficit, the country is able to reduce it to a more affordable degree in October 2011, from the period when the increase of the exports of the country significantly exceeded its imports. The current account deficit of the country declined by more or less 35 percent, which is equivalent to $4.2 billion in September 2011. At the moment, the central bank of Turkey is projected to keep on revealing lower amounts of current account deficit as compared a year ago.