Turkey's gold imports hit high in July

Turkey imported 62.8 tons of gold in July, the highest on a monthly basis since the establishment of the Borsa Istanbul Precious Metals Markets in 1995. 

This represented a 1.328 percent year-on-year increase compared to the same month of 2016, when some 4,401 tons of gold was imported. 

According to data compiled by state-run Anadolu Agency on Aug. 7, Turkey's gold imports in the first seven months of the year hit 237.6 tons, the highest ever for the mentioned period of time. 

Economy Minister Nihat Zeybekci had said last month that Turkey aims to become a hub in gold trade. 

"On both processed gold and gold bullions ... We have been working on this. Due to a rise in taxes on such goods in other countries, there is already traffic flocking into Turkey. We will manage this opportunity well," Zeybekci said at a meeting to announce the six-month export data from the Turkish Exporters Assembly (TİM). 

Meanwhile, Turkey's foreign trade gap surged 80.4 percent in July and exceeded $8.7 billion due to the steep rise in gold imports and a base effect that resulted from the failed coup attempt of July 2016.

According to preliminary data from the Customs and Trade Ministry, released on Aug. 2, Turkey's exports in July tallied $12.6 billion, while imports for the same month reached $21.4 billion.