ISTANBUL (Reuters) – Turkey’s foreign trade deficit surged 159.9% year-on-year to $11.19 billion in August, with imports surging 40.4%, data from the Turkish Statistical Institute showed on Friday.
Imports stood at $32.53 billion, while exports rose 13.1% to $21.34 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 eight months of the year climbed 146.3% to $73.44 billion, the data showed.
(Reporting by Can Sezer and Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Ezgi Erkoyun)