February Foreign Trade Data Announced

Trade Minister Ömer Bolat evaluated the foreign trade data for February.

Bolat emphasized the foreign trade deficit in his statements. According to last month's revised foreign trade  data, exports increased by 13.6 percent to 21 billion 82 million dollars, while imports decreased by 9.2 percent to 27 billion 853 million dollars.

Bolat also pointed out that the foreign trade deficit decreased by 44.2 percent compared to the same month of the previous year, from $ 12 billion 130 million to $ 6 billion 771 million, noting that the ratio of exports to imports increased from 60.5 percent in February 2023 to 75.7 percent in February 2024. He pointed out that the ratio of exports to imports, excluding energy and gold, was 93.3 percent in the month. It is clear from this data that the decline in the foreign trade deficit is already continuing. But there are also some positive developments. In particular, it was reported that significant decreases were observed in the current account deficit, another critical issue mentioned by Minister Bolat. In January 2024, the annualized current account deficit was $37.5 billion, down $22.6 billion from May 2023.

Pointing out that with the effect of the decline in the foreign trade deficit in February, the decline in the current account deficit is expected to continue, Bolat said: “While macroeconomic stability is strengthened with the increase in exports and the decline in imports, economic growth is becoming more balanced. With this positive course in foreign trade, net exports of goods and services are expected to contribute to positive growth in the first quarter of 2024. We continue to work with all our strength to increase Türkiye's share in global production and trade to even higher levels with the policies and strategies we pursue in the perspective of value-added, innovation, and competitiveness-oriented production and exports.”