Turkish foreign trade deficit surges 159% in August

FILE PHOTO: A money changer holds Turkish lira banknotes at a currency exchange office in Ankara, Turkey October 12, 2021. REUTERS/Cagla Gurdogan/File Photo

SULAIMANI (ESTA) — Turkey’s foreign trade deficit surged 159.9% year-on-year to $11.19 billion in August, with imports surging 40.4%, data from the Turkish Statistical Institute showed on Friday.

Imports stood at $32.53 billion, while exports rose 13.1% to $21.34 billion, the data showed.

Under an economic program unveiled last year, Turkey aims to shift to a current account surplus through stronger exports and low-interest rates, despite soaring inflation and a tumbling currency. Soaring global energy and commodity prices have made that target all but unattainable.

The deficit in the first eight months of the year climbed 146.3% to $73.44 billion, the data showed.

(Esta Media Network/Reuters)

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