Turkey’s foreign trade deficit surged 268.1% year-on-year to $9.60 billion in September, with imports climbing 38.1%, data from the Turkish Statistical Institute showed on Thursday. Imports stood at $32.21 billion, while exports rose 9.2% to $22.61 billion, the data showed.
Under an economic programme unveiled last year, Turkey aims to shift to a current account surplus through stronger exports and low interest rates, despite soaring inflation and a tumbling currency. Soaring global energy and commodity prices have made that target all but unattainable. The deficit in the first nine months of the year climbed 156.3% to $83.10 billion, the data showed.