Turkish trade deficit rises 422pc in October

F.P. Report

ISTANBUL: Turkey’s foreign trade deficit surged 421.7% year-on-year to $7.87 billion in October, with imports climbing 31.4%, data from the Turkish Statistical Institute showed on Tuesday.

Imports stood at $29.2 billion, while exports rose 3% to $21.33 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 ten months of the year climbed 168.3% to $91.05 billion, the data showed.