Turkey's trade deficit dropped by 60.1 percent to $6.74 billion in the first eight months of the year from the figure for same period 12 months earlier, the state statistics institute announced on Tuesday, November 6.
The trade deficit in the first eight months of 2000 was $16.89 billion. The institute said that imports fell by 22.5 percent to $27.14 billion in January-August this year, while exports rose by 12.5 percent to $20.39 billion.
In August 2001, imports decreased by 30.6 percent to $3.38 billion compared to August last year and exports were up 26 percent to $2.57 billion, it added. Turkey's trade deficit hit $26.7 billion dollars in 2000, an 89.1 percent rise from the previous year.
Cash-strapped Turkey is hoping to reduce its trade deficit by boosting exports after a severe financial turmoil in February forced the government to float the Turkish lira, causing the currency to lose more than 50 percent against the dollar. — (AFP, Ankara)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com )