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.
