Turkish foreign trade deficit shrinks 43 percent in June

Turkey’s foreign trade deficit narrowed by 43 percent in June to $3.2 billion, according to official data.

Imports dropped an annual 23 percent to $14.3 billion last month, while exports fell by 14 percent to $11.1 billion, the Turkish Statistical Institute said on its website on Wednesday.

Imports to Turkey have slumped after a currency crisis last year crimped demand. The decline has helped to almost completely eradicate a deficit in the current account, the widest measure of inflows and outflows of goods and capital, which had stood at 6.5 percent of GDP last summer.

Calendar-adjusted imports dropped by an annual 15 percent in June, while exports declined by 8.1 percent, the institute said. On a month-on-month basis, imports fell by 0.2 percent from May and exports by 16 percent, when adjusted on a calendar basis and for seasonal factors.