Turkey’s trade deficit surges 51.4 percent in February: report

Turkey’s foreign trade deficit surged 51.4 percent year on year to $12.08 billion in February, with imports climbing 10.1 percent, Reuters reported, citing data from the Turkish Statistical Institute (TurkStat) on Friday.

Imports stood at $30.71 billion, while exports fell by 6.4 percent to $18.64 billion, the data showed.

Under an economic program unveiled in 2021, Turkey aims to achieve a current account surplus through stronger exports and low interest rates, despite soaring inflation and a currency that has tumbled in recent years.

Its deficit in the first two months of the year climbed 44.1 percent year on year to $26.33 billion, the data showed.