STORY: Türkiye's foreign trade deficit dips in July
SHOOTING TIME: Recent footage
DATELINE: Aug. 29, 2024
LENGTH: 00:01:15
LOCATION: Ankara
CATEGORY: ECONOMY

SHOTLIST:
1. various of shipping trade in Türkiye (Source: Ihlas News Agency)
2. various of goods being loaded in trucks at a factory in Türkiye (Source: Ihlas News Agency)
3. various of trucks (Source: Ihlas News Agency)

STORYLINE:

Türkiye's foreign trade deficit dipped to 7.3 billion U.S. dollars in July, down 41.8 percent year-on-year, the Turkish Statistical Institute said Wednesday.

In July, exports soared to 22.5 billion dollars, up 13.8 percent annually, while imports fell to 29.8 billion dollars, down 7.8 percent, it said.

Meanwhile, Turkish Treasury and Finance Minister Mehmet Simsek said on social media platform X that the annual foreign trade deficit in July decreased by 38.7 billion dollars compared to the same period last year, indicating an annual current account deficit of less than 20 billion dollars for July.

Türkiye has been struggling with rising inflation and one of the worst cost-of-living crises of its history.

Following the implementation of a tight monetary policy and austerity measures since the summer of 2023, Türkiye's inflation cooled to a nine-month low of 61.78 percent in July.

Nevertheless, prices for most goods remain elevated and keep rising, putting additional pressure on struggling families.

Xinhua News Agency correspondents reporting from Ankara.
(XHTV)