Turkey: Trade Deficit Shrinks 12.1% Year-on-Year in July

Turkish Trade Minister Ömer Polat announced on Saturday that Turkey's trade deficit decreased by 12.1% year-on-year in July, to $6.4 billion.

This came during a press conference in Samsun, where Polat revealed that Turkish exports rose to $25 billion, while imports reached $31.4 billion during the same month.

The minister expressed optimism about these positive indicators, stressing that "the government continues its efforts to boost exports and narrow the trade gap, as part of the state's strategy to achieve a balanced trade balance."

The Istanbul Chamber of Commerce issued a statement on Friday revealing an increase in the retail price index, which indicates consumer price inflation.

According to the published data, the consumer price index rose by 1.93% in July month-on-month and by 42.48% year-on-year.

The Istanbul Chamber of Commerce's wholesale price index, which measures producer price inflation, rose 1.14% month-on-month and 24.25% year-on-year.