Minister of Commerce Bolat evaluated the balance of payments data

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Lerato Khumalo

Minister of Commerce Ömer Bolat stated that the current account balance was at the highest level of the last 5 years with a surplus of 4.3 billion dollars in August and said, “Our economic program and foreign trade policies continue to yield positive results.” he said.

Minister Bolat shared on his social media account the balance of payments data for August announced by the Central Bank of the Republic of Turkey.

Pointing out that the economic program and foreign trade policy continue to yield positive results, Bolat said, “In August, the current account account was at the highest level of the last 5 years, with a surplus of 4.3 billion dollars. The current account account has been in surplus for 3 consecutive months for the first time since 2021.” An improvement of 3.8 billion dollars was recorded in the current account compared to the same month of the previous year. The strong improvement in the current account account gave a positive picture for the future of our economy by reinforcing macroeconomic stability. continues to deliver.” made his assessment.

Bolat continued his post by stating that the current account deficit decreased by 75.2 percent in the January-August period compared to the same period of the previous year, reaching 9.7 billion dollars:

“Thus, the annualized current account deficit, which reached its peak in May 2023 at 55.6 billion dollars, decreased by 44.4 billion dollars in the following months and decreased to 11.3 billion dollars as of August. Thus, the annualized current account deficit has increased from January 2022 to this date. In August, our annualized exports increased by 3.5 percent to 262 billion dollars. In the same month, annualized imports decreased by 8.3 percent to 340.7 billion dollars. “While it decreased by 6 percent to 78.7 billion, the ratio of exports to imports increased by 8.8 percentage points to 76.9 percent. Last year in May, the annual foreign trade deficit was 122 billion dollars, and it decreased by 43.5 billion dollars in 15 months.”

Bolat stated that with the reflection of the revision in the “International Services Trade Statistics” published by TUIK to the balance of payments statistics, the service exports of 2023 were updated to 106 billion dollars, thus the current account deficit was revised from 45 billion dollars to 40.5 billion dollars.

“RECORD RENEWED”

Bolat pointed out that the decline in the foreign trade deficit was accompanied by the increase in service exports and said:

“Service revenues renewed their record with 111.1 billion dollars on an annualized basis in August. Travel revenues, which are included in services, increased to 52.5 billion dollars. A significant decline was recorded in the current account deficit with the implementation results of the supports to increase the exports of goods and services and the measures to reduce imports. It is anticipated that the improvement in the current account will continue with the positive trend in trade in goods and services. While the positive developments in the foreign trade balance make economic growth more balanced, the Ministry strengthens macroeconomic stability with the aim of increasing our share in global goods and services exports. “We will continue our work with determination in close cooperation.”