Bolat assessed the export, import, international trade, and current account balance for 2023 and January of this year in his written statement.
Bolat drew attention to the production and export strategies that emphasize added value and innovation in exports, and he said that they are still steadfastly working to enhance Turkey's share of global commerce and production through these policies.
Bolat noted that despite the uncertainty in the global economy, exports reached an all-time high of 255.8 billion dollars last year and that Turkey's proportion of global exports is still growing.
Pointing out that annualized exports broke the record in the third quarter of last year with a share of 1.06 percent in global exports, Bolat said, "There has been an increasing trend in our exports in the second half of 2023. Our monthly exports, which were 19.8 billion dollars in July, increased to 23 billion in December. In annualized data, exports increased "The increasing trend is observed more clearly. In the first month of 2024, our annualized exports reached a record level of 256.5 billion dollars." made his assessment.
Imports have decreased since the second half of the year
Bolat stated that there has been a significant decrease in imports since the second half of the year due to the balanced course of commodity prices, especially energy, last year.
Pointing out that imports, which were 32.3 billion dollars in July last year, decreased to 26.2 billion dollars in January this year, Bolat said:
"In December 2023, the decline in imports continued and fell to the lowest level of the last 15 months on an annualized basis. The main trend in the decline in imports is expected to continue in 2024 and contribute to the reduction of the foreign trade deficit and current account deficit."
Bolat stated that the foreign trade deficit has had a decreasing trend since the second half of last year due to the increase in exports and the decrease in imports and said, "The foreign trade deficit, which was 12.5 billion dollars in July 2023, decreased to 6.2 billion dollars in January 2024." he said.
Current account deficit is expected to decrease
Emphasizing that the current account excluding gold and energy continued its strong course with a surplus of 4.2 billion dollars in December 2023, Bolat said, "The current account excluding gold and energy has continued to give a surplus since July 2018. The downward trend in the foreign trade deficit and the services "With the record level of 100 billion dollars in exports achieved in 2023, the current account account reached 45.2 billion dollars in 2023. Since July, the current account deficit has continuously decreased on an annualized basis, and the trend is expected to continue in 2024."
Bolat drew attention to the vision and responsibility of the "Turkey Century". Bolat said, "We continue to increase our share in world exports, achieve a permanent improvement in the current account balance and contribute to macro financial stability with policies and strategies that diversify products and markets with a high value-added and technology-intensive export perspective. Increases in exports of goods and services and the improvement in the external balance contribute to economic growth." It contributes to our exports continuing on a healthier basis. While we continue our efforts to strengthen our exporters' place in foreign markets and open up to new markets, we also continue to protect domestic production and employment against unfair foreign trade practices. The improvement in the foreign trade balance will continue in 2024 and the decline in the current account deficit will be maintained. "
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