Preliminary data published by the Ministry of Trade showed that the Turkish trade deficit increased by 11% to $3.36 billion in February, year-on-year.
The ministry said on its official website on Tuesday that the deficit stretched from $3.04 billion in February last year to $3.36 billion in 2021. However, the gap had narrowed by 33% in January to $3.03 billion.
It added that exports increased last month by 9.6% annually to reach $16 billion, while Imports increased by 9.8% to $19.4 billion.
Turkey’s central bank has more than doubled interest rates to 17% since September to help strengthen the lira, contain inflation and narrow the widening deficit.
Exports of agriculture, forestry and fishing increased 5.8 % and those of mining and quarrying edged up 0.4%.
Meanwhile, imports declined 5.9% due to purchases of intermediate goods and consumption goods. By contrast, purchases of capital goods grew by 9.5%.
It is noteworthy that the trade deficit constitutes most of Turkey’s current account deficit.