Turkey’s exports in August once again hit a monthly record high, Trade Minister Mehmet Muş said on Friday, as the country hit its annual target even before the end of the year.
Overseas sales jumped 13.1% year-on-year last month to $21.3 billion, Muş said at a meeting in the southeastern province of Gaziantep. Imports grew at a much faster pace, jumping 40.7% to $32.6 billion, according to ministry data.
Exporters have managed to achieve record sales in each of the past 12 months.
The trade deficit jumped nearly 162% to a record $11.3 billion in August, the data showed, as soaring energy import costs continue to widen the deficit. The deficit for the first eight months jumped 146.4% to $73.4 billion.
Energy imports constituted around 27% of total imports last month, Muş said.
Deteriorating global conditions, exacerbated by the war in Ukraine, raised concerns for the rest of the year. Russia’s invasion of its neighbor has sent global commodity prices skyrocketing, jeopardizing Turkey’s economic program of tackling high inflation with a current account surplus.
Sales rose more than 18.3% year-over-year from January to August to $165.67 billion, while imports jumped 40.7% to $239.13 billion. dollars, according to the data.
Exports had ended 2021 at $225.4 billion, a figure the government and economists expected to reach $250 billion this year. Rolling 12-month exports topped $250 billion last month.