Turkey’s trade deficit jumps 137% in 2022 to $109.54 billion

Official data showed on Tuesday that Turkey’s foreign trade deficit rose 137 percent year-on-year to $109.54 billion in 2022, according to the general trade system. The deficit increased in December by 42 percent from the previous year.

According to data from the Turkish Statistical Institute, exports rose in 2022 by 12.9 percent to $254.1 billion, while imports jumped 34 percent to $363.7 billion.

It added that exports rose in December by 3 percent and imports 12.2 percent from the previous year, with a deficit of $9.7 billion.

As part of an economical program unveiled in 2021, Turkey aims to record a current account surplus by boosting exports and lowering interest rates, despite high inflation and sharp currency depreciation over the past years. However, rising global energy and commodity prices make this goal challenging.