All-Time High August Export Figure Reached
Speaking at the August 2024 Foreign Trade Figures meeting held at the Turkish Exporters Assembly (TIM) Foreign Trade Complex, Minister Bolat stated that the establishment of sustainable foreign trade constitutes the most important pillar of economic policy.
Emphasizing that exports continued to break records in August, Bolat said, "And the downward trend in our imports continues. A strong downward trend in our foreign trade deficit continues. A strong downward trend in our current account deficit continues. What this means for our Turkey is more investment, more production, more employment and more exports and accumulation of foreign currency."
Stating that, in this sense, they have made a great contribution to the macroeconomic stability of Turkey with its sustainable, balanced foreign trade performance, Bolat recorded the following:
"We achieved the highest August exports in the history of our Republic this August. Our exports realized as 22.1 billion dollars, with an increase of 2.4 percent. This is 500 million dollars above last year's figure. And with the record in August, our exports broke monthly records in 9 of the last 13 months. Starting from August 2023, we achieved records in nine months, namely October, November, December, and January, February, May, July and August in 2024."
"The export-import coverage ratio is also following a positive course"
"A net increase of 6.3 billion dollars was achieved in merchandise exports in the first 8 months"
Trade Minister Bolat said that in the first 8 months of 2024, exports increased by 3.9 percent compared to the same period of the previous year, rising to 170.8 billion dollars, and thus a net increase of 6.3 billion dollars was achieved in merchandise exports in the first 8 months. Stating that imports in the same period decreased by 8.7 percent compared to the same period of the previous year, falling to 225.7 billion dollars, Bolat emphasized that a decrease of 21.4 billion dollars was achieved in merchandise imports in the first 8 months.
Bolat stated that the foreign trade deficit also decreased by 33.6 percent in the first 8 months of 2024, falling to 54.9 billion dollars, saying, "The foreign trade deficit was 82.6 billion dollars in the first 8 months of 2023. Thus, we managed to reduce our foreign trade deficit by 27.7 billion dollars in the first 8 months."