Turkey's trade deficit with the rest of the world rose by 75.1% year on year to $8.17 billion in March, Ahval reports citing data from the Turkish Statistical Institute.

Imports rose 30.7% to $30.9 billion, the institute said on Friday. Exports covered 73.5% of imports, up from 80.2% in March 2021.

The Turkish government is building its economic program around boosting exports to run a current account surplus and ease pressure on the lira, which lost 44% of its value last year. However, imports are growing rapidly after the country's central bank cut interest rates despite soaring inflation, and world prices for energy and other commodities rose sharply.

The foreign trade deficit, excluding energy and non-monetary gold, was $136 million in March, the institute said.