(MENAFN) Turkey's trade deficit surged by 21.4 percent year-on-year in June, reaching USD6.43 billion, according to data released by the Turkish Ministry of Trade on Wednesday. This increase was accompanied by declines in both exports and imports. Exports fell by 10.6 percent year-on-year to USD18.57 billion, while imports decreased by 4.1 percent to USD25 billion during the same period, as reported by the ministry in a statement.

Simultaneously, official figures from the Turkish Statistical Institute revealed that annual consumer price inflation in Turkey decreased to 71.6 percent in June, coming in lower than expected. This decline was attributed to higher expenditures and prices particularly in the education, housing, and restaurant sectors. On a monthly basis, inflation also showed a decrease, registering at 1.64 percent in June compared to 3.37 percent in May, when year-on-year inflation had stood at 75.45 percent.

Economists had anticipated a slight moderation in annual inflation to 72.6 percent for June, following its peak since November 2022 in May. Looking ahead, projections suggest a further decline in inflation to 42.6 percent by the end of 2024, indicating expectations for continued stabilization in Turkey's inflationary pressures amidst varying economic indicators. 

MENAFN04072024000045015682ID1108406554