Turkey’s trade deficit widens in August
Turkey’s trade deficit widened by an annual 1.2 percent in August to $2.5 billion in a sign that the economy is recovering from a painful downturn.
Imports rose by 1.6 percent to $12.5 billion compared with August 2018, while exports grew 1.5 percent to $15 billion, the Turkish Statistical Institute said on Monday.
Turkey’s trade deficit has narrowed sharply following a currency crisis last summer that made imported goods more expensive to purchase. The turmoil peaked in August during a political spat with the United States over the detention of a U.S. pastor. The lira has strengthened against the dollar since and the economy has emerged tentatively from a recession.
On a calendar-adjusted basis, exports fell by 0.8 percent compared with August 2018. Imports dropped by 0.2 percent. Exports declined by 1.5 percent from July, on a calendar and seasonally-adjusted basis, while imports increased by 0.4 percent.
The deficit for the first eight months of the year narrowed by an annual 58 percent to $20.6 billion, the institute said. Imports slumped by 16 percent to $131.9 billion, while exports rose 2.6 percent to $111.4 billion.
