Turkey’s trade deficit rises 157% in May

Turkey’s Trade Ministry said on Thursday that the country’s trade deficit jumped 157 percent year-on-year in May to $10.68 billion, as energy import costs continued to rise.

Russia’s invasion of Ukraine has sent global commodity prices soaring, jeopardizing Ankara’s New Economic Program that aims to tackle high inflation by running a current account surplus.

The data also showed that Turkey’s exports rose 15.2 percent to $18.97 billion in May, while imports jumped 43.8 percent to $29.65 billion.