Additional charge imposed on some gold, jewelry imports

ANKARA

The government has announced a 20 percent additional charge for some gold and jewelry imports, apparently in an attempt to help efforts to reduce the current account deficit.

According to the presidential decree published in the Official Gazette, in addition to the existing import and other duties, there will be extra charges for certain gold products and jewelries originating from the countries which do not have a free trade agreement with Türkiye.

The decision also excludes imports originating from EU member states.

The additional charge will apply to gold jewelry products as well as base metal products plated with precious metals.

Imports of precious metals and stones increased by 151 percent in the January-July period from a year ago to $21.3 billion, data from the Trade Ministry showed earlier this month.

In July alone, imports of those goods leaped nearly 56 percent year-on-year to more than $3 billion.

In May, the current account deficit widened to $7.93 billion from $5.4 billion April, with the foreign trade gap increasing from $7.05 billion to $10.5 billion.

Gold and energy excluded, the current account indicated net deficit of $1.28 billion, said the Central Bank.

Polls have showed that analysts expected the current account to post a surplus of around $420 million in June due to the tourism revenues and the decline in the foreign trade deficit.