UPDATE - Turkey posts highest monthly export figures in October

UPDATES WITH MORE REMARKS FROM TRADE MINISTER

By Gokhan Ergocun

ISTANBUL (AA) - Turkey's exports reached $17.33 billion, increasing 5.6% year-on-year in October, the country's trade minister announced on Monday, citing preliminary data.

The country posted the highest monthly export figure last month by surpassing $17 billion, Ruhsar Pekcan said.

Turkey's imports reached $19.73 billion in October, up 8.5% versus the same month last year, she noted, adding that 87.8% of all imports were raw materials and investment goods.

The exports/imports coverage ratio reached 87.9% -- the highest level of 2020 -- in October, while the foreign trade volume of the country was $37.06 billion.

The October export figure confirmed that Turkey will weather the pandemic with the least damage possible and it will be among the countries recovering the fastest, she underlined.

The export trend in October is an indicator to show the country's exports will continue to rise, Pekcan asserted.

Gold, she said, is an investment tool with a capital value as well as a commodity trading, and recalled that the UK, one of the largest gold trading countries, has been sharing foreign trade data excluding gold since last February.

In October, $2 billion of overall imports were gold imports, while gold-excluding imports were $17.8 billion last month, she stated.

Additional, Turkey's imports -- excluding gold -- were $155.4 billion in the first 10 months of 2020, posting a decline of 5.1%, Pekcan said.

In the first 10 months of 2020, Turkey's gold imports were $20.5 billion, she added.