Turkey trade deficit narrows 9.9 percent in August

Turkey’s trade deficit narrowed by an annual 9.9 percent in August to $2.38 billion, according to preliminary figures announced by Trade Minister Ruhsar Pekcan.

Exports increased 1.7 percent annually to $13.2 billion, Pekcan said in a speech in the city of Sivas. Imports dropped 0.3 percent to $15.5 billion.

Turkey’s trade deficit has narrowed substantially following a currency crisis last summer that made imported goods more expensive to purchase. The turmoil peaked in August during a political spat with the United States over the detention of a U.S. pastor.

Last month’s figures were affected by a religious holiday that lasted almost a week, making an annual comparison more complex.

Exports increased by an annual 2.9 percent to $117.2 billion in the first eight months of the year, Pekcan said.