Turkey’s trade deficit jumps 160 percent in August: report

Turkey’s foreign trade deficit surged 159.9 percent year-on-year to $11.19 billion in August, with imports rising 40.4 percent, Reuters reported, citing data from the Turkish Statistical Institute (TurkStat) on Friday.

Imports stood at $32.53 billion, while exports rose 13.1 percent to $21.34 billion, 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 soaring inflation and a tumbling currency. Soaring global energy and commodity prices have made that target all but unattainable.

The deficit in the first eight months of the year climbed 146.3 percent to $73.44 billion, the data showed.