Turkey's trade deficit jumps 160 percent in one year
Turkey’s trade deficit has surged 159.9 percent in one year, driven by soaring global energy and commodity prices.
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 (TÜİK) showed on Sept. 30.
Imports stood at $32.53 billion, while exports rose 13.1% to $21.34 billion, the data showed.
Under an economic programme 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.