Turkey’s foreign trade deficit reaches record level
The State Institute of Statistics (DIE) announced that
Turkey's foreign trade deficit reached $3.4 billion June, breaking a seasonal record. The June 2003 trade deficit was at $1.9 billion level while the previous month's figure was revised downwards to $3 billion from $3.2 billion.
Imports soared by 48% from a year earlier in June to $8.4 billion and exports were recorded as $5.1 billion, up by 33%.
In the mentioned period, consumer goods imports continue to be strong and surged by 101% compared to the same period of last year. From a year earlier, capital goods imports also increased by 68%, indicating that the strong investment appetite continued in the second quarter.
In Jan-Jun 2004 period, exports surged by 31.8% on annual basis to $28.6 billion and imports were recorded as $45.4 billion with an increase of 47.3%. Accordingly, foreign trade deficit reached $16.8 billion, revealing a rise of 84%.
Turkey's foreign trade deficit is expected to amount $30 billion at the end of the year, due to the increase registered in June.