Turkey’s trade deficit nearly tripled in September to $4.87 billion, with imports surging to records high, according to preliminary data released by the Trade Ministry on Friday.
The declared deficit increased to $4.87 billion from $1.67 billion in September 2019, with declines seen in mining & quarrying by 16% and manufacturing by 6%.
The ministry said on Friday that imports jumped 23% annually to $20.9 billion, surpassing exports, which rose 4.8% to $16 billion.
The Turkish lira plunged to record levels in September as investors concerns grew about the trade gap, as well as the growing current account deficit. Meantime, the August trade deficit was the highest at $6.28 billion.
The lira fell 0.1% to 7.75 per dollar on Friday, hitting a record low of 7.85 against the greenback on Tuesday, accounting for drop of about 23% percent against the US currency.
The government strategy for cheap loans from state-run banks increased the demand for imports, increasing the balance of trade gap.
In Turkey, Goods and raw materials purchased from abroad make up about two-thirds of the value of exported Turkish products as manufacturers rely on imports in their production process.
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