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Current account deficit soars despite rising exports
The Turkish Statistics Institute (TurkStat) on Tuesday announced monthly trade figures which show that Turkey’s success in increasing exports was overshadowed by a higher rise in its imports, resulting in a dramatic current account deficit increase. According to those figures, Turkey’s total volume of exports in the January-July period was $64.4 billion, a 13.4 percent increase over the same period last year. However, its imports saw an even higher jump, at 32.1 percent, reaching $99.3 billion. These two seven-monthly numbers equate to a $34.9 billion current account deficit for the country this year, up 89.4 percent from $18.4 billion over the same period of 2009.
The TurkStat figures also indicate that the current account deficit soared in particular in July. Turkey’s exports and imports grew by 6 percent and 24.6 percent, respectively, compared with July 2009. However, the monthly difference between imports and exports increased by 69 percent over the same month last year.
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