Blue mosque in Istanbul, Turkey

Turkey’s Trade Deficit Soars 38% to $14.2 Billion in January

Turkey’s trade deficit surged to $14.24 billion in January, up 38.4% compared to the same period last year, according to data released by the National Statistical Office on Tuesday, February 27. The increase was driven by a 20.7% rise in imports and a 10.3% increase in exports.

The latest figures show that Turkey’s imports rose to $33.61 billion in January, while its exports reached $19.37 billion.

The country’s economic program, launched in 2021, aims to shift its economy towards a current account surplus by boosting exports and keeping interest rates low. However, Turkey has faced significant challenges in recent years, with high inflation and a weakening currency.

The government has implemented a range of measures to address these issues, including tighter fiscal policies and structural reforms to boost competitiveness. Despite these efforts, the latest data suggests that Turkey still has some way to go before it can achieve its goal of a current account surplus.

The rising trade deficit is a cause for concern for policymakers, as it puts pressure on the country’s already fragile economy. Turkey will need to continue to implement reforms and boost exports if it hopes to address these challenges and achieve sustainable growth in the long term.

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