Turkey’s trade deficit surges 184pc in June

ISTANBUL: Turkey’s trade deficit jumped 184.3% year-on-year in June to $8.16 billion, the Trade Ministry said on Saturday, as surging 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 exports rose 18.5% to $23.40 billion in June, while imports jumped 39.6% to $31.56 billion, data also showed.

The trade deficit for the first half of the year stood at $51.37 billion, up 142.5% year-on-year.