Turkey's foreign trade deficit grows by 155 percent from November 2019

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Turkey's foreign trade deficit grew by a whopping 155.37 percent from November of 2019, reaching $5.71 billion, monthly data from the Trade Ministry revealed. 

Exports reportedly shrank by 0.95 percent to reach $16.88 billion, while imports grew by 16.07 percent for $21.16 billion, bumping up the foreign trade volume by 8.05 percent and placing the terms of trade at 76 percent. 

November's largest exports were $7.242 billion of intermediary goods, followed by consumer goods worth $6.69 billion and $2.37 billion of investments. 

Germany was the recipient of the most Turkish exports in November, buying $1.51 billion of goods, followed by England's $1.09 billion of exports and $952 million by Iraq. 

Turkey's largest imports in November were intermediary goods worth $15.3 billion, followed by investment goods of $3.13 billion, and consumer goods worth $2.62 billion. 

Germany also became the largest source of Turkish imports with $2.35 billion, followed closely by $2.23 billion from China and $1.75 billion from Russia.