Trade Minister Bolat Unveils November Foreign Trade Data

Minister of Trade Ömer Bolat shared the foreign trade data for November during a press conference held in the Ministry of Trade conference hall.

Bolat emphasized that the increase in exports and the decline in imports contribute to economic growth while also supporting the process of reducing inflation by minimizing macro-financial risks. He noted that while there has been an increase in the export of goods and services in the first eleven months of this year, imports have decreased, indicating that efforts to quickly reduce the foreign trade and current account deficit have begun despite challenging global economic conditions.

Regarding the export and import balance, Bolat assessed Turkey's foreign trade performance, stating that the ongoing increase in goods exports reached $238.5 billion with a 2.5% rise during the January-November period. In contrast, imports saw a decline of 6.4%, dropping to $311.7 billion. These figures positively contributed to Turkey's growth rate due to the increase in exports and the decrease in imports.

Bolat noted that exports in November amounted to $22.3 billion, reflecting a limited decrease of 3.1% compared to the same period last year, attributing this decline to the drop in energy products and gold exports. The lower Brent crude oil prices compared to last year were viewed as a positive development for imports but also impacted Turkey's energy exports. In November, imports rose to $29.6 billion, marking an increase of 2.4%.

Referring to sectoral and regional changes in exports, Bolat highlighted significant growth in sectors such as automotive, iron and steel, non-ferrous metals, and chemicals during the January-November period. The automotive sector, in particular, led the way with an increase of $2.3 billion.

The European Union is a significant region for Turkey's exports. During the January-November period, exports to the EU approached $100 billion, with a 4% increase, while imports decreased by 9.6%. Exports to members of the Organization of Islamic Cooperation rose by 6.2% to reach $63.2 billion. The Turkish States Organization countries saw an increase of 12.3%, and exports to non-EU Balkan countries rose by 17.5%, totaling $4.9 billion. The countries with the highest export growth included the United Kingdom, Saudi Arabia, and the United States.

Regarding the current account and future targets, Bolat pointed out the decrease in the current account deficit, stating that the annualized current account deficit, which stood at $55.6 billion in May 2023, has decreased to $9.7 billion. He indicated that they will continue to maintain a surplus in current transactions in October.

Bolat mentioned that they would announce new programs and incentives to support exporters, stating that efforts are ongoing to reduce financial costs. He highlighted Turkey's successes in goods and services exports, expressing their goal of contributing to economic growth by reducing the foreign trade deficit with the "Century of Trade" objective.