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Turkey’s trade deficit surges 157% in May

Turkish President Recep Tayyip Erdogan, January 17, 2022 REUTERS/Florion Goga/File Photo

Turkey’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall.

Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus.

Turkey’s exports rose 15.2 percent to $18.97 billion in May, while imports jumped 43.8 percent to $29.65 billion, data also showed.

Announcing the numbers, Trade Minister Mehmet Mus said energy imports in May amounted to $6.9 billion.