Turkey’s trade deficit jumps 38% to $14.2 billion in January

Official data on Monday showed Turkey’s foreign trade deficit increased 38.4 percent year-on-year to $14.24 billion in January, with imports rising 20.7 percent and exports 10.3 percent.

The Turkish Statistical Institute stated that imports jumped to 33.61 billion dollars in January, while exports increased to 19.37 billion dollars.

Under an economic program that was revealed in 2021, Turkey seeks to shift to recording a surplus in the current account by boosting exports and lowering interest rates, despite the rise in inflation and the currency’s collapse over the past years.