March 28, 2023

Turkey’s trade deficit widened to a new record in August due to higher energy prices and increased imports of precious metals.

Turkey’s official data and data released by Bloomberg and published by Al Arabiya Net showed a monthly trade gap of $11.2 billion, slightly short of the average estimate of $11.3 billion.

This deficit is the highest ever, according to historical data dating back to 1984. Official data showed the deficit between January and August 2022 was $73.4 billion, up 146% from the previous year.

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