Turkish Statistical Institute: Trade balance deficit jumped 160% in August

Data published by the Turkish Statistical Institute on Friday showed that the country’s foreign trade balance deficit rose 159.9% year-on-year to $11.19 billion in August, affected by a 40.4 percent rise in imports.

The data indicated that imports amounted to $32.53 billion, while exports rose by 13.1 percent to $21.34 billion.

As part of an economic program unveiled last year, Turkey aims to shift to a current account surplus by increasing exports and lowering interest rates, despite a sharp rise in inflation and a deteriorating currency. Rising energy and commodity prices around the world have made this goal unattainable.

The data showed that the deficit in the first eight months of the year jumped by 146.3 percent to $73.44 billion.