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On June 28, tariffs on another 400 items were also hiked.
However, the desired fruits are not visible as yet — the June trade data suggests that the trade deficit was still above $3bn, a limited decline compared to the $3.3bn reported for May.
The July data is awaited for gauging the impact of the latest tariff hikes.
Exports rose, for the first time since February, by 15% y/y to $13bn in June, above $10bn for the first time since March.
The automotive industry returned to being the largest exporter, with $1.67bn in June. There were also $591mn worth of gold exports.
As a result of the normalisation signs in the import-dependent economy, imports grew, for the first time since March, by a relatively limited 11% y/y to produce a figure of $16bn, the highest figure since March.
Imports of investment goods rose to $2.33bn in the month from $1.87bn in May while intermediate goods imports rose to $11.8bn from $9.8bn. Consumption goods imports rose back to $1.71bn, a sign that cheap loan campaigns launched in June are producing fruits, after declining to $1bn in May from $1.2bn a month ago.
Gold became the largest import item in June with $2.38bn. It was the second largest in May with $1.44bn. This item is volatile. What kind of trades are happening in relation to it is unknown.
25 TURKEY Country Report August 2020 www.intellinews.com
