Turkey’s trade deficit fell 30 percent in August, reportedly on the back of strong gold sales to Iran even though the United Arab Emirates was the leading gold buyer from Turkey in the given period.
The trade deficit fell to $5.86 billion, according to the Turkish Statistical Institute, compared with a $7.89 billion deficit in July and a forecast of $8.10 billion in a Reuters poll.
“This data is a result of soaring gold exports, which broke a record with $2.3 billion in August,” Oyak Securities economist Mehmet Besimoğlu said on Sept. 28. “Gold exports were generally to Iran, made via the United Arab Emirates.”
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