Turkish exports, imports decline in July; foreign trade deficit narrows

Turkey’s exports and purchases of goods from abroad fell in July, the Turkish Statistical Institute said on Monday.

Imports dropped at a slower pace than exports, shrinking by an annual 5.8 percent to $15.1 billion. Imports contracted by 7.9 percent to $17.7 billion, the institute said.

The foreign trade deficit shrank by 18 percent from July 2019 to $2.7 billion.

Turkey is seeking to boost exports and curb imports to help stimulate economic growth and to narrow the country’s widening current account deficit, of which the foreign trade deficit is a large component. Exports are also a critical hard currency earner for Turkey, particularly after the COVID-19 pandemic led to a slump in tourism revenues.  

Turkey posted a foreign trade surplus, excluding energy and gold, of $1.21 billion in July, the institute said.

Total trade volume fell by an annual 6.6 percent last month to $29.9 billion, it said.