Turkish trade deficit surges 421.7%

Turkey's foreign trade deficit surged 421.7% year-on-year to $7.87 billion in October, with imports climbing 31.4%, data from the Turkish Statistical Institute showed on Tuesday.

Imports stood at $29.2 billion, while exports rose 3% to $21.33 billion, the data showed.

In January-October 2022 period, exports were 209 billion 394 million dollars with a 15.4% increase and imports were 300 billion 443 million dollars with a 39.4% increase compared with January-October 2021.

Exports, excluding energy products and non-monetary gold, were 19 billion 766 million dollars with a 1.0% increase in October 2022. Imports, excluding energy products and non-monetary gold, were 18 billion 637 million dollars with a 12.8% increase in October 2022.

The deficit in the first ten months of the year climbed 168.3% to $91.05 billion, the data showed.

Foreign trade surplus, excluding energy products and non-monetary gold, was 1 billion 129 million dollars in October 2022.

Under an economic programme unveiled last year, Turkey aims to shift to a current account surplus through stronger exports and low interest rates, despite soaring inflation and a tumbling currency. Soaring global energy and commodity prices have made that target all but unattainable.