Turkey foreign trade deficit widens 6.6 percent in September

Turkey’s foreign trade deficit grew by an annual 6.6 percent in September as imports increased at a faster pace than exports.

The trade deficit widened to $2.06 billion last month, the Turkish Statistical Institute said on its website on Thursday.

Imports rose by an annual 1 percent to $16.5 billion. Exports increased by 0.3 percent to $14.4 billion. Exports covered 87.5 percent of imports in September compared with 88.2 percent in the same month a year earlier.

Turkey is seeking to narrow its trade deficit with the rest of the world by increasing exports and boosting production of local goods. The deficit has narrowed sharply since a currency crisis ravaged the economy in the summer of last year but is showing signs of widening again as consumer demand tentatively returned.

Seasonally and calendar-adjusted exports and imports decreased by 0.3 percent and 4.5 percent, respectively, compared with August, the institute said. On an annual basis, calendar-adjusted exports fell by 0.7 percent and imports decreased by 1.9 percent.

Source: Ahval