Turkey’s trade deficit surges 157% in May

ISTANBUL: Turkey’s trade deficit jumped 157% year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall.

Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus.

Turkey’s recurring currency nightmare strikes again

Turkey’s exports rose 15.2% to $18.97 billion in May, while imports jumped 43.8% to $29.65 billion, data also showed. Announcing the numbers, Trade Minister Mehmet Mus said energy imports in May amounted to $6.9 billion.