Turkey’s trade deficit nearly tripled in June year-on-year, mainly due to an increase in the international cost of energy resources.
Turkey’s trade deficit thus reached $8.2 billion, close to analysts’ estimates in a Bloomberg survey. In the January-June half, the deficit reached $51.4 billion, up 143% year-on-year, according to data released by TurkStat on Friday.
Exports in June rose 18.7% to $23.4 billion, while imports rose much stronger, up 39.7% to $31.6 billion.
The Turkish authorities have made the so-called “transformation” of the economy their motto, with an emphasis on boosting exports, Bloomberg emphasizes.
Turkey’s central bank governor Sahap Kavcioglu said on Thursday that higher international energy prices triggered by the Russian invasion of Ukraine have made imports more costly for his country.
Source: Capital
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