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Turkey’s trade deficit jumps 155 percent in May due to increased imports

The data showed that imports amounted to $29.59 billion, while exports rose 15.3 percent to $18.98 billion.

Turkey imports almost all of its energy needs, making it vulnerable to significant price fluctuations.

Under an economic program unveiled last year, Turkey aims to achieve a current account surplus by increasing exports and lowering interest rates, despite rising inflation and currency depreciation.

The Turkish lira witnessed a 44% decline in 2021 after an unconventional wave of interest cuts at the request of Turkish President Recep Tayyip Erdogan.

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