Turkey's export growth, lower imports lead to historic decline in trade deficit

(MENAFN) In the first eight months of this year, Turkey saw a notable increase in exports, rising by 4 percent to USD170.8 billion compared to the same period last year. This growth is attributed to the Turkish government's strategic efforts to diversify its export markets and explore new opportunities. Turkish Trade Minister Omer Bolat highlighted this achievement in a press statement, noting that the country's exports in August alone reached a record USD22.1 billion, marking a 2.4 percent increase from August 2023. This monthly record underscores the success of Turkey's export strategies amidst a backdrop of broader economic challenges.

Conversely, Turkey's imports experienced a substantial decline during the same period, falling to USD225.7 billion, which represents an 8.7 percent decrease compared to the previous year. The reduction in imports contributed to a significant improvement in Turkey's trade balance. The monthly import figures for August also showed a decrease, with imports dropping by 10.8 percent to USD27 billion. This reduction in imports further supported the positive shift in Turkey's foreign trade dynamics.

As a result of these trends, the foreign trade deficit narrowed by 43.4 percent on an annual basis, reaching USD4.9 billion. This figure marks the lowest trade deficit level Turkey has seen in the past 34 months, reflecting the impact of effective trade policies and market diversification efforts on the country's overall trade balance. 

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