Turkey’s trade deficit jumps 421.7 percent in October

Turkey’s foreign trade deficit surged 421.7 percent year-on-year to $7.87 billion in October, Deutsche Welle’s Turkish service (DW Türkçe) reported, citing data from the Turkish Statistical Institute (TurkStat) on Tuesday.

Imports stood at $29.20 billion with a 31.4 percent increase, while exports rose 3 percent to $21.32 billion compared to October 2021, the data showed.

Under an economic program unveiled last year, Turkey aims to shift to a current account surplus through stronger exports and low interest rates, despite high inflation and a tumbling currency. Soaring global energy and commodity prices have made that target all but unattainable.

The deficit in the first 10 months of the year climbed 168.3 percent to $91.49 billion, the data showed.