Turkey foreign trade deficit narrows 17 percent in June as exports climb

Turkey’s foreign trade deficit decreased by an annual 17 percent in June as exports rose at a faster pace than imports.

The deficit declined to $2.85 billion from $3.43 billion in June 2019, the Turkish Statistical Institute said on its website on Wednesday.

Turkey is seeking to boost exports after the global COVID-19 pandemic showed signs of subsiding. It has also temporarily increased taxes on many imported goods in an effort to curb demand and boost local industry.

Exports rose by an annual 16 percent in June to $13.5 billion, while imports increased by 8.3 percent to $16.3 billion, the institute said.

The foreign trade deficit for the first six months of the year grew by 73 percent to $23.9 billion, the institute said. The deficit had more than doubled in May as exports slumped.

Turkey’s exports are also being helped by a weaker lira. The currency fell sharply to a record low of 7.269 per dollar in early May and now trades at around 6.95 per dollar.