Evaluating the foreign trade figures announced today, Minister of Trade Ömer Bolat said that the positive developments continued in October.
Minister Bolat said that the highest export increase in the history of the republic was experienced in October and used the following words:
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· Promising positive developments in foreign trade and current accounts continued in October. We are reaping the fruits of our government’s economic program. The foreign trade deficit decreased by 44.3 billion dollars as of October 2024, compared to its peak in May 2023. As a result of the improvements in foreign trade, we will have a surplus in October and have had a surplus in the current account for 5 consecutive months.
· Increases in exports and decreases in imports and improvements in the current account account, on the one hand, strengthen financial stability and macroeconomic stability, and on the other hand, make positive contributions to economic growth. Thanks to the improvements in the current account, our country’s credibility in the eyes of international investors is increasing and capital inflows are strengthening. This situation provides additional support to the process of reducing inflation. As a result of the policies we have implemented with determination to increase the exports of goods and services in the coming period and our steps to reduce unfair imports, we are on the path to permanent improvement in the current account account.
· According to October foreign trade data produced in cooperation with our Ministry of Commerce and Turkish Statistical Institute; Our exports increased by 3.1% and reached 23.5 billion dollars. Thus, the highest October export in the history of our Republic was realized.
· In October, our exports, excluding gold and energy, increased by 7.2% compared to the same month of the previous year and reached 22.1 billion dollars.
· In the first 10 months of 2024, our exports increased by 3.1% compared to the same period of the previous year and reached 216.2 billion dollars.
· As of October 2024, our annualized (last 12 months) exports increased by 7.7 billion dollars compared to the same month of the previous year and reached 262.2 billion dollars.
· In October 2024, imports remained constant compared to the same month of the previous year and reached 29.4 billion dollars, while imports in the first 10 months of the year decreased by 7.2% compared to the same period of the previous year and reached 282.0 billion dollars.
· In October 2024, our annualized (last 12 months) imports decreased by 27.1 billion dollars compared to the same month of the previous year, falling to 340.1 billion dollars.
· Thus, in the first 10 months of the year, the foreign trade deficit decreased by 30.1% to 65.9 billion dollars, while the ratio of exports to imports increased by 7.7 points to 76.7%.
· Our foreign trade deficit has decreased by 44.3 billion dollars annually as of October 2024, compared to May 2023, which was at its peak in October 2024.
· While strengthening our competitiveness in global trade with value-added and innovation-oriented production, as the Ministry of Commerce, we continue our work to ensure sustainable export increase with our support mechanisms, commercial diplomacy activities and foreign representations. We continue to effectively use trade policy measures and practices to protect our domestic producers and domestic industry against dumped, subsidized or increasing imports that cause unfair competition. “We are among the countries in the world that protect their domestic producers the most with trade policy defense tools against damage and threats caused by imports.”
