Turkey’s foreign trade deficit widened by an annual 20.2 percent in May, the biggest increase since November, even as growth in exports outpaced imports.
The trade gap increased to $4.13 billion, the Turkish Statistical Institute said on Wednesday. The deficit had declined in March and April.
Exports rose by an annual 65.7 percent to $16.5 billion. Imports expanded by 54 percent to $20.6 billion.
Turkey is seeking to boost exports to help close a current account deficit that expanded to 5.1 percent of economic output in 2020. The country has traditionally financed the deficit through tourism revenues and foreign investment, but both have slumped since the COVID-19 pandemic erupted in March last year, pressuring the value of the lira, which has fallen to successive record lows.
The foreign trade gap decreased by an annual 13.1 percent to $18.3 billion in the first five months of the year, the institute said.