Turkey's foreign trade deficit saw an annual fall of 59 percent in August, the country's statistical authority announced on Friday.

Turkey's foreign trade deficit amounted to 2.4 billion U.S. dollars, down from 5.9 billion dollars in the same month last year, the Turkish Statistical Institute said.

The country's imports decreased by 22.7 percent year on year to 14.8 billion dollars in August, while exports fell 6.5 percent to 12.4 billion dollars.

According to the data, the main market for Turkish exports was Germany with 1.12 billion dollars, followed by Britain, Iraq and the United States. The top country for Turkey's imports was Russia with 1.55 billion dollars, followed by China, Germany and the United States.

In August, Turkey saw serious currency depreciation. Turkish government sharply lowered its growth forecasts for 2018 and 2019 in a new medium-term economic program unveiled last Thursday.