13.05.2025 11:21
The Minister of Treasury and Finance, Mehmet Şimşek, commented on the latest foreign trade figures announced by the Turkish Statistical Institute (TÜİK). Noting that gold imports have remained high, Şimşek stated that despite this, the current account deficit is expected to be below the targets.
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The Minister of Treasury and Finance, Mehmet Şimşek, commented on foreign trade data. Şimşek, who explained that imports have remained relatively high, spoke positively about the reasons behind this. In a statement made on social media, he pointed to a 1% target.
Minister Şimşek stated that positive signals have emerged regarding the external balance of the Turkish economy, emphasizing that the current account deficit remains at sustainable levels relative to national income. He mentioned that they expect the current account deficit to be below 1% of GDP in the first quarter of the year. Şimşek continued his statement as follows:
"EXCLUDING GOLD, THE BALANCE GAVE A SURPLUS"
We expect the current account deficit, which reached 12.6 billion dollars annually in March, to remain below 1% of national income in the first quarter. Due to rising prices caused by global uncertainties, gold imports are high. The current account balance, excluding gold, gave a surplus of 1.6 billion dollars annually. With the resilient structure of our exports, the positive trend in energy prices, and the contribution of tourism revenues, we anticipate that the current account deficit will be significantly below our OVP forecast by the end of the year.
The sustainability of the current account deficit at manageable levels indicates that the downward trend in the gross external financing requirement relative to national income will continue. The decreasing need for external financing and the resumption of reserve accumulation strengthen macro-financial stability while increasing the resilience of our economy.
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