Economy Turkish trade deficit surges 162% to $11.3bn in August By Reuters September 4, 2022, 7:39 AM Reuters/Alexander Manzyuk Turkey's exports rose 13.2 percent to $21.341 billion , while imports jumped 40.8 percent to $32.618 billion in August. Turkey’s trade deficit jumped 161.8 percent year-on-year in August 2022 to $11.277 billion, the Trade Ministry said on Friday, as surging energy import costs continue to widen the shortfall. Turkey’s exports rose 13.2 percent to $21.341 billion in August, while imports jumped 40.8 percent to $32.618 billion, the data showed. In a speech, Trade Minister Mehmet Mus said energy imports constituted some 27 percent of the total imports last month. 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. High global energy and commodity prices have made that target more difficult to attain. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
