Bloomberg News

Turkish November Trade Gap Narrows for First Time in 2 Years

December 30, 2011

(Updates with trade data in fourth paragraph, market prices in last.)

Dec. 30 (Bloomberg) -- Turkey’s trade deficit narrowed from a year earlier to $7.5 billion in November, the first annual contraction in two years, as export growth outpaced imports.

The deficit compared with a revised $7.8 billion in November 2010, the statistics office in Ankara said on its website today. The last time the gap narrowed was in October 2009. The figure was less than the median estimate of $7.9 billion from four analysts in a Bloomberg survey.

Turkey’s central bank and government are seeking to slow imports through curbs on loan growth and boost exports to tackle a current account deficit that widened to a record 10 percent of economic output. Concern about the deficit brought losses of 19 percent for the lira this year, the worst performance among emerging market currencies.

Exports rose 19 percent to $11.1 billion, outpacing an 8.8 percent expansion in imports to $18.6 billion, the office said.

The lira rose less than 0.1 percent to 1.9162 per dollar at 10:11 a.m. in Istanbul. The main ISE National 100 share index gained 0.3 percent to 52,204.96.

account deficit that has surged to a record 10 percent of econ

--Editors: Mark Bentley, Aydan Eksin

To contact the reporter on this story: Steve Bryant in Ankara at sbryant5@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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