ISTANBUL- Turkey’s foreign trade deficit surged 159.9 percent year-on-year to $11.19 billion in August, with imports surging 40.4 percent, data from the Turkish Statistical Institute showed on Friday.
Imports stood at $32.53 billion, while exports rose 13.1 percent to $21.34 billion, the data showed.
Under an economic program 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.
The deficit in the first eight months of the year climbed 146.3 percent to $73.44 billion, the data showed.
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