Turkiye's trade gap narrows sharply as exports soar, imports fall

Turkiye’s trade deficit experienced a significant reduction in July 2024, as the country saw a substantial rise in exports alongside a marked decrease in imports. According to the latest data from the Turkish Statistical Institute (TurkStat), the trade gap narrowed by 45 per cent year-on-year. The trade deficit shrank to $4.2 billion in July 2024, down from $7.6 billion in July 2023. Exports surged by 18 per cent compared to the same period last year, reaching $21 billion. This growth was driven by increased demand in key export markets, particularly in Europe, and was supported by the competitive edge provided by the weaker Turkish lira. Imports fell by 12 per cent year-on-year, totalling $25.2 billion. The decline in imports was […]