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Turkish trade deficit jumps 147% to $10.7bn in July

Water, Waterfront, Pier Creative Commons
Turkey aims to shift to a current account surplus through stronger exports and low interest rates under a new economic programme.

Turkey’s foreign trade deficit surged 147 percent year-on-year to $10.69 billion in July, with imports surging 41.4 percent, data from the Turkish Statistical Institute showed on Monday.

Imports stood at $29.24 billion, while exports rose 13.4 percent to $18.55 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 more difficult to attain.

The deficit in the first seven months of the year climbed 143.7 percent to $62.18 billion, the data showed.