Turkey’s Trade Deficit Narrows After Imports Slump on Weak Lira
- September data shows exports rose for third straight month
- Turkey’s central bank has made a series of interest-rate hikes
The slowdown in shipments arriving from abroad follows aggressive interest-rate hikes by the Turkish central bank.
Photographer: Moe Zoyari/BloombergThis article is for subscribers only.
Turkey’s trade deficit narrowed sharply in September as exports rose for a third straight month and imports slumped, driven by a slowdown in economic activity and a weaker lira.
The gap in foreign trade was just under $5 billion, compared with $9.6 billion a year earlier, according to preliminary data announced by Trade Minister Omer Bolat on Wednesday. Exports increased by 0.3% while imports were down by 14.1%, Bolat said.