World Economy

Turkey Trade Deficit Plunges

Turkey Trade Deficit PlungesTurkey Trade Deficit Plunges

Turkey’s trade deficit has witnessed a significant reduction in April mainly driven by a jump in gold exports and lower energy imports, according to official data, Bullion Street reported. The country’s trade deficit was stood at $4.97 billion in April, down 31.9% as compared with $7.29 billion a year earlier, latest data from the state statistics office showed. Gold bullion exports jumped to $1.428 billion in the month, $1.1 billion of which were to Switzerland. In April 2014, bullion exports were $51 million, according to official data. Imports of oil and oil products fell to $829 million in April, from $1.249 billion a year ago. Turkey’s total exports were up by 0.2% to $13.39 billion in April while imports were down by 11.1% to $18.36 billion. The deficit in the first four months of the year was $20.19 billion.