Turkish trade deficit nearly triples to 8.2 billion dollars in June

Turkey’s foreign trade deficit surged 185 percent year-on-year to $8.12 billion in June as a 18,7 increase in exports fell short to compensate for a 39.7 percent hike in imports, data from the Turkish Statistical Institute (TurkStat) showed.

Imports saw a sharp increase amid a continuously weak national currency, driven by spikes in intermediate goods (51.4 percent) and consumption goods (19.6 percent), meanwhile manufacturing (18.8 percent) and mining and quarrying (24.2 percent) supported the exports.

Considering the first half of the year, Turkey recorded a trade deficit of USD 51.4 billion, widening from USD 21.18 billion in the corresponding period of the year.

Soaring trade deficit came as a severe blow to Erdogan government’s “new economy policy” to decrease lira’s value, increase exports and have a surplus as a result.