UPDATE 2 -2nd wave of coronavirus cuts Turkey's exports in Nov.

UPDATES WITH MORE DETAILS AND COMMENTS BY HEAD OF EXPORTERS GROUP

By Tuba Sahin and Yunus Girgin

ANKARA (AA) - Turkey's exports were down slightly on an annual basis in November due to the second wave of the COVID-19 pandemic, the EU’s economic contraction, and calendar effects, according to preliminary data Turkey’s Trade Ministry released Wednesday.

Turkish exports hit $16.1 billion last month, a fall of 0.95% year-on-year, the data showed.

Despite the limited shrinkage in November exports, at year’s-end Turkey will achieve its new economic program targets, Trade Minister Ruhsar Pekcan said on Twitter.

The country's imports surged 16.1% to $21.2 billion during the same period, bringing the foreign trade gap to $5.1 billion.

The exports/imports coverage ratio was at 76% in November, down from 89.1% in the same month last year.

Pointing to Turkey's recently announced third-quarter growth rate of 6.7%, Pekcan said the country stands out as the fastest-growing among the 17 countries of the G20 which have released data.

"The positive trend in both growth and exports despite the contraction in the global economy shows that the recovery continues successfully," Pekcan said.

Positive expectations for the Turkish economy were strengthened, she stressed.

This January-October, the country's exports posted an annual decrease of 8.3% to $151.7 billion while imports rose 3.6% to $197.1 billion, according to Trade Ministry data.

The foreign trade deficit in the first 10 months of the year grew 82.5% year-on-year to $45.3 billion.

- Exports to over 200 countries by some 42,000 firms

In a separate statement, The Turkish Exporters' Assembly (TIM) also noted that Turkish products were exported to some 206 countries in November.

Ismail Gulle, head of the TIM, said nearly 42,200 different companies did exports in November, including 1,726 for the first time.

He also underlined that the export/import coverage ratio in November excluding gold was 86.3%.

TIM figures showed the automotive industry was the leading sector last month with exports worth $2.7 billion, followed by chemical products at $1.63 billion and ready-made garments and apparel at $1.52 billion.

Ship and yacht exports leaped 38% with $223 million year-on-year in November, marking the best performance among all sectors, while steel and fresh fruit/vegetable exports jumped 24% and 18%, respectively.

In the 11-month period, the top export market for Turkish products was Germany with $14.4 billion, followed by the UK ($10.1 billion), US ($9.1 billion), Iraq ($8.2 billion), and Italy ($7.2 billion).

On the basis of quantity, exports hit 14 million tons in November, up 7.9% compared to the same month in the previous year. The figure climbed 3.5% to 139 million tons this January-November compared to the same period in 2019.