ISTANBUL, (Reuters) – Turkey’s trade deficit jumped 157% year-on-year in May to $10.68 billion, the Trade Ministry said on Thursday, as soaring energy import costs continue to widen the shortfall.
Russia’s invasion of Ukraine has sent global commodity prices soaring, endangering Ankara’s new economic programme that aims to tackle high inflation with a current account surplus.
Turkey’s exports rose 15.2% to $18.97 billion in May, while imports jumped 43.8% to $29.65 billion, data also showed.
Announcing the numbers, Trade Minister Mehmet Mus said energy imports in May amounted to $6.9 billion.
Photo – A TOFAS Dogan (Falcon) car bonnet is covered with the Turkish national flag in Istanbul, Turkey . EPA-EFE/ERDEM SAHIN