Turkish trade deficit jumps 38% to $14.2 billion in January

ISTANBUL (Reuters) – Turkey’s foreign trade deficit widened 38.4% year-on-year to $14.24 billion in January, official data showed on Monday, with imports surging 20.7% and exports up 10.3%.

The Turkish Statistical Institute said imports climbed to $33.61 billion in January, while exports rose to $19.37 billion.

Under an economic programme unveiled in 2021, Turkey aims to shift to a current account surplus through stronger exports and low interest rates, despite soaring inflation and a currency that has tumbled in recent years.

(Reporting by Canan Sevgili and Berna Suleymanoglu; Writing by Daren Butler; Editing by Alexandra Hudson)