(MENAFN) In July, Türkiye set a new record for monthly exports, reaching a total of USD22.5 billion. This remarkable figure marks the highest level of exports ever recorded for that month, according to the Turkish trade minister. The increase in exports represents a substantial 13.8 percent rise compared to the same month last year. Concurrently, the country experienced a notable decrease in imports, which fell by 7.9 percent to USD32.3 billion. This reduction in imports, combined with the significant rise in exports, led to a marked improvement in the foreign trade balance. The trade deficit narrowed by 42.3 percent year-on-year, bringing it down to USD7.2 billion. The ratio of exports to imports also saw a significant improvement, reaching 75.7 percent compared to 61.2 percent in July 2023.

Looking at the January-July period, Türkiye's total exports amounted to USD148.8 billion, showing a 4.1 percent increase from the previous year. This period also saw a decline in imports by 8.4 percent, totaling USD198.6 billion. As a result, the trade deficit for the first seven months of the year decreased substantially by 32 percent compared to the same period last year, coming in at USD49.8 billion. This improvement in the trade balance highlights Türkiye's enhanced export performance and reduced reliance on imports.

Moreover, the 12-month rolling total for exports reached an unprecedented USD261.5 billion, reflecting a 3.4 percent increase over the previous year. This new record demonstrates Türkiye's growing capacity to increase its export volume and improve its trade balance over an extended period. The positive trends in both monthly and annual export figures underscore Türkiye's continued progress in enhancing its trade performance and economic stability.

MENAFN04082024000045015839ID1108514476