Turkey to reach $7 bln trade deficit with US: Minister

Turkish State Minister for economy Kursad Tuzmen said that U.S. and China used their low currencies as a foreign trade policy to increase exports, however, Turkey followed exact opposite of that policy.

Turkey to reach $7 bln trade deficit with US: Minister
U.S. exports to Turkey would exceed imports by 7 billion USD at the end of 2008, Turkish State Minister for economy forecast on Wednesday.

At a meeting with executives of Turkish-American Businessmen Association (TABA), Kursad Tuzmen said that U.S. and China used their low currencies as a foreign trade policy to increase exports, however, he said Turkey followed exact opposite of that policy.

"We projected that we could bring down inflation rate with our overvalued currency but finally we figured out with a 120 percent error in our calculations that we were wrong," Tuzmen said. "Now we have to build those policies again because we overvalued Turkish lira."

Tuzmen said that Turkey recorded 2.5 billion USD trade deficit with the United States in the first five months of this year, predicting that this amount could reach 7 billion USD at the end of the year.

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Last Mod: 06 Ağustos 2008, 16:52
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