Commerzbank’s Tatha Ghose analyses Turkey’s June trade figures, highlighting a 26.2% year-on-year widening of the trade deficit to USD 10.4 billion. Ghose stresses that the trade deficit remains around 6% of GDP, underscoring persistent balance of payments vulnerabilities. Deficit, imports and balance of payments"Turkey’s latest trade data for June showed the external trade deficit widening by 26.2%y/y to USD 10.4bn. On the surface, this appeared to confirm a strong month for trade, although at the cost of some worsening of the trade balance." Intermediate goods imports were up by 30.0%y/y and capital goods imports by 19.6%y/y, while consumer goods imports were lower by 1.2%y/y.