Turkey’s Trade Deficit Narrowed for 10th Month in August

Turkey’s trade deficit narrowed for a 10th consecutive month in August, the statistics office said.

The gap declined to $5.86 billion, down from $8.23 billion for the same month a year earlier the statistics office in Ankara said on its website today. The shortfall was expected at $8 billion, according to the median estimate of seven economists surveyed by Bloomberg.

Turkey has managed to diversify exports away from crisis- hit Europe, its biggest market, toward the Middle East, Asia and Africa. Import growth has slowed as the central bank tightened monetary policy to curb growth in consumer credit, which had contributed to a current account gap that surpassed 10 percent of economic output at the end of last year.

That deficit helped the lira down by more than 18 percent in 2011. The currency has pared losses this year, adding about 6 percent.

To contact the reporter on this story: David Neylan in Istanbul at dneylan1@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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