Turkey’s foreign trade deficit rises 155% in May

Data from the Turkish Statistical Institute showed on Thursday that the foreign trade deficit rose 155.2 percent year-on-year to $10.61 billion in May, with imports increasing by 43.5 percent.

The data showed that imports amounted to $29.59 billion, while exports rose 15.3 percent to $18.98 billion.

Under an economic program unveiled last year, Turkey aims to achieve a current account surplus by increasing exports and lowering interest rates, despite rising inflation and currency depreciation.

The data showed that the deficit in the first five months of the year rose by 136 percent to $43.21 billion.