The trade gap dropped by nearly 42 percent to $7.3 billion in July from $12.5 billion a year ago, as exports increased by 13.8 percent annually to $22.5 billion, while imports fell by 7.8 percent to $29.8 billion.

Mehmet Simsek, Treasury, and Finance Minister, reported that the fall in the trade gap reflects progress in the government's efforts to reduce the nation's high current account deficit. As part of its economic programme, Turkey introduced measures to cap strong domestic demand, one of its main reasons for higher imports, and to boost investments and exports to improve the current account balance.