Trade Minister Bolat Announces November Foreign Trade Data
Trade Minister Ömer Bolat shared the November foreign trade data with the public at a press conference held in the Ministry of Trade conference hall.
Bolat emphasized that the increase in exports and the decrease in imports contribute to economic growth, and at the same time support the process of reducing inflation by reducing macro-financial risks. Bolat stated that while exports of goods and services increased in the eleven months of this year, imports decreased, and noted that despite the challenging global economic conditions, the foreign trade and current account deficits have begun to be reduced rapidly.
Export and Import Balance
Evaluating Turkey's foreign trade performance, Bolat said that the increase in merchandise exports continues, and this figure reached $238.5 billion with an increase of 2.5% in the January-November period. In imports, a decrease of 6.4% was observed, falling to $311.7 billion. These data show that the increase in exports and the decrease in imports have made a positive contribution to Turkey's growth rate.
Stating that exports in November decreased by a limited 3.1% compared to the same period last year and amounted to $22.3 billion, Bolat attributed this situation to the decrease in energy products and gold exports. While the fact that Brent oil prices were lower than last year was evaluated as a positive development in terms of imports, it also affected Turkey's energy exports. In November, imports reached $29.6 billion with an increase of 2.4%.
Sectoral and Regional Export Changes
Bolat mentioned the sectors that recorded the most increase in the January-November period and stated that there were significant increases in the automotive, iron and steel, non-ferrous metals, and chemical substances sectors. The automotive sector ranked first with an increase of $2.3 billion in particular.
The European Union holds an important place among the regions to which Turkey exports. While exports to the EU increased by 4% to nearly $100 billion in the January-November period, imports decreased by 9.6%. Turkey's exports to the members of the Organization of Islamic Cooperation increased by 6.2% to reach $63.2 billion. Exports to the countries of the Organization of Turkic States increased by 12.3%, and exports to the non-EU Balkan countries increased by 17.5% to $4.9 billion. Among the countries with the highest increase in exports, the United Kingdom, Saudi Arabia, and the USA drew attention.
Current Transactions and Future Goals
Bolat drew attention to the decrease in the current account deficit and announced that the annualized current account deficit, which was $55.6 billion in May 2023, decreased to $9.7 billion. He stated that they will continue to give a surplus in current transactions in October.
Saying that they will announce new programs and incentives to support exporters, Bolat stated that efforts to reduce financial costs are ongoing. Emphasizing the success that Turkey has shown in exports of goods and services, Bolat stated that they aim to contribute to economic growth by reducing the foreign trade deficit with the goal of "The Century of Trade".