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Financial News: Turkey July Trade Deficit Widens

Turkey July Trade Deficit Widens

08/29/2017 - 06:49:00 (RTTNews)

(RTTNews) - Turkey's foreign trade gap widened notably in July from a year ago, as imports grew much faster than exports, figures from the Turkish Statistical Institute showed Tuesday.

The trade deficit rose to $8.84 billion in July from $4.85 billion in the corresponding month last year. In June, the shortfall was $6.04 billion.

Exports surged 28.3 percent year-over-year in July and imports jumped by 46.2 percent.

On a monthly basis, exports dropped a seasonally and calendar-adjusted 1.6 percent in July, while imports increased by 5.3 percent.

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