Turkey’s Trade Deficit Soars by Over 50 percent in February

Turkey’s foreign trade deficit surged 51.4% year on year to $12.08 billion in February, with imports climbing 10.1%, data from the Turkish Statistical Institute showed on Friday.

Imports stood at $30.71 billion, while exports fell by 6.4% to $18.64 billion, the data showed.

Under an economic programme unveiled in 2021, Turkey aims to achieve a current account surplus through stronger exports and low interest rates, despite soaring inflation and a currency that has tumbled in recent years.

Its deficit in the first two months of the year climbed 44.1% year on year to $26.33 billion, the data showed.


(Reporting by Ezgi Erkoyun and Canan Sevgili; editing by Jason Neely)