Turkey's Economy Declines with Increase in Trade Deficit

The Turkish Ministry of Trade reported today, Tuesday, that the trade deficit rose by 43.9 percent year-on-year to $8.85 billion in April, while energy and gold imports slowed during the same period. The ministry's statement indicated that total exports fell by 17.2 percent to $19.315 billion in April, while imports decreased by 4.5 percent to $28.162 billion. Energy imports dropped by 35 percent year-on-year to $5 billion in April, while gold imports amounted to $1.5 billion during the same period. Analysts noted that with the decline in gold imports, Turkey's gold reserves also decreased as the central bank moved to meet local demand.