RIYADH: Turkey’s trade deficit has reached $8.24 billion in March, as a result of skyrocketing energy prices, according to Bloomberg.
Geopolitical tensions between Russia and Ukraine are overpowering the government’s plans to support the lira with a substantial current-account surplus in 2022, the news site reported.
The quarterly deficit stood at $26.48 billion, 138 percent wider than the corresponding period a year earlier, Bloomberg added, citing data from the trade ministry.
Exports surged an estimated 20 percent to reach $22.7 billion, while imports increased 31 percent to reach $30.9 billion.
When compared to a year earlier, energy imports jumped 156 percent to reach $8.4 billion.
Together, the losses and high energy prices pushed Turkey’s inflation last month to a two decade high of over 61 percent.
In addition, the Lira has been under significant pressure, and has seen significant falls in recent months, as the economy struggles.
Turkey’s trade deficit hits $8.24bn in March amid skyrocketing energy costs
Source: Viral Real Articles
0 Mga Komento