Export Declines by 3.1% Year-on-Year in November, While Imports Rise by 2.4%

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Export Declines by 3.1% Year-on-Year in November, While Imports Rise by 2.4%

In November 2024, compared to the same month last year; exports decreased by 3.1% to 22 billion 291 million dollars, while imports increased by 2.4% to 29 billion 654 million dollars. According to the statement made by the Ministry of Trade, during the January-November 2024 period, exports increased by 2.5% to 238 billion 486 million dollars, while imports decreased by 6.4% to 311 billion 703 million dollars.

The statement noted: "In November 2024 compared to the same month last year;

  • Exports decreased by 3.1% to 22 billion 291 million dollars,
  • Imports increased by 2.4% to 29 billion 654 million dollars,
  • The total trade volume decreased by 0.1% to 51 billion 945 million dollars.

In the January-November 2024 period compared to the same period last year;

  • Exports increased by 2.5% to 238 billion 486 million dollars,
  • Imports decreased by 6.4% to 311 billion 703 million dollars,
  • The total trade volume decreased by 2.7% to 550 billion 189 million dollars.

In November, compared to the same month last year;

  • The export-to-import coverage ratio decreased by 4.2 percentage points to 75.2%.
  • Excluding energy data, the export-to-import coverage ratio decreased by 2.5 percentage points to 87.9%.
  • Excluding energy and gold data, the export-to-import coverage ratio decreased by 0.1 percentage point to 94.8%.

The top countries to which exports were made in November were Germany (1 billion 681 million dollars), the USA (1 billion 465 million dollars), and the UK (1 billion 266 million dollars).

  • The share of the top 10 countries in exports in November was 48.1%.

The top countries from which imports were made in November were Russia (3 billion 670 million dollars), China (3 billion 632 million dollars), and Germany (2 billion 302 million dollars).

  • The share of the top 10 countries in imports in November was 59.4%.

According to the Broad Economic Classification (BEC) in November, the highest exports were in the "Raw Materials (Intermediate Goods)" group at 10 billion 749 million dollars (a decrease of 6.1%), followed by "Consumption Goods" at 8 billion 414 million dollars (an increase of 3.0%) and "Investment (Capital) Goods" at 2 billion 813 million dollars (a decrease of 14.0%).

  • In terms of imports according to the BEC classification in November, the highest were in the "Raw Materials (Intermediate Goods)" group at 20 billion 273 million dollars (an increase of 3.4%), followed by "Consumption Goods" at 5 billion 160 million dollars (an increase of 15.6%), and "Investment (Capital) Goods" at 4 billion 129 million dollars (a decrease of 15.5%).

In November, the share of exports by sector was as follows: Manufacturing industry 93.6% (20 billion 875 million dollars), Agriculture, Forestry, and Fishing sector 4.3% (963 million dollars), Mining and Quarrying sector 1.4% (323 million dollars).

  • In November, the share of imports by sector was as follows: Manufacturing industry 80.8% (23 billion 972 million dollars), Mining and Quarrying sector 13.2% (3 billion 912 million dollars), and Agriculture, Forestry, and Fishing sector 3.0% (904 million dollars).