Turkish trade deficit triples in September as imports surge
Turkey’s trade deficit almost tripled in September
as imports jumped from a year earlier.
The deficit increased to $4.87 billion, according to
preliminary data published by the Trade Ministry on Friday. Turkey had reported
a deficit of $1.67 billion in September last year.
Imports climbed by an annual 23 percent to $20.9
billion, outpacing exports, which rose 4.8 percent to $16 billion, the ministry
said.
Turkey's lira slumped to successive record lows in
September partly due to investors' concerns about the trade gap, which is a key
contributor to the country’s widening current account deficit.
The September trade deficit was smaller than a gap
of $6.28 billion in August.
The government has sought to stimulate economic
growth in the country with cheap loans from state-run banks, leading to a surge
in demand for imports.
Turkish manufacturers also rely on imports to finish
their products. Goods and raw materials purchased from abroad comprise about
two-thirds of the value of Turkey’s exported products.
The lira fell 0.1 percent to 7.75 per dollar on
Friday. It hit a record low of 7.85 against the U.S. currency on Tuesday.
Losses for the year total about 23 percent.
