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

UPDATED WITH MORE DETAILS AND COMMENTS FROM TRADE MINISTER

By Tuba Sahin

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.