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According to media reports, the deficit has been complicated by a large drop in exports, in exchange for a jump in imports.
According to data cited by media reports, imports rose 16 percent annually to a record $ 21.2 billion last month, and exports decreased 1 percent to $ 16.1 billion. .
Turkish citizens buy a large number of products abroad, after the government encouraged banks to lend at lower-than-market interest rates, sparking a lending boom.
The Ahwal newspaper quoted Tim Ash, chief emerging markets strategist at BlueBay Asset Management in London, as saying that Turkey is not only suffering losses from tourism, but also a trade deficit that is worsening despite the weak lira.
Gold and precious metal imports rose 59 percent to $ 2.66 billion in November.
Consumer goods imports also increased 41 percent to $ 2.63 billion, while capital goods imports increased 33 percent to $ 3.13 billion.
The Turkish lira has lost about a quarter of its value against the dollar since the beginning of the year, and diplomatic tension has exacerbated its deterioration, especially with France a few months ago.
Investments from, especially from Europe, which contribute especially to job creation, have decreased from 16,000 million euros in 2007 to 7,000 million in 2019, according to United Nations figures.
The annual inflation rate in Turkey reached 11.89 percent in October, and the annual rate has remained in double digits since September 2019.
Analysts attribute the worsening economic crisis in the country to Turkish President Recep Tayyip Erdogan’s foreign policy, which has been increasing in intensity since 2016, causing a rift between Ankara and its Western allies and exacerbating the economic situation in his country.
