Ömer Bolat: In October, the highest export in the history of the Republic was achieved.

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The Turkish Statistical Institute (TÜİK) and the Ministry of Trade announced the provisional foreign trade data for October 2024. Turkey's exports increased by 3.1% compared to the same month last year, reaching 23 billion 500 million dollars, while imports remained stable at 29 billion 409 million dollars.

The foreign trade deficit decreased by 10.5% compared to the same month last year, falling to 5 billion 909 million dollars. The ratio of exports to imports was 77.5% in October 2023, rising to 79.9% last month.

"OUR FOREIGN TRADE HAS BEEN IN SURPLUS FOR 5 MONTHS"

Minister of Trade Ömer Bolat commented on the latest foreign trade data through a statement on his social media account. Bolat stated: "The promising positive developments in foreign trade and current transactions continued in October. We are reaping the fruits of our government's economic program. The foreign trade deficit has decreased by a full 44.3 billion dollars as of October 2024 compared to its peak in May 2023. As a result of improvements in foreign trade, we will have recorded a surplus in the current account for five consecutive months in October."

· The increases in exports and decreases in imports, along with improvements in the current account, are strengthening financial stability and macroeconomic stability on one hand, while positively contributing to economic growth on the other. Thanks to improvements in the current account, our country's credibility in the eyes of international investors is increasing, and capital inflows are strengthening. This situation is providing additional support to the process of reducing inflation. In the upcoming period, we are progressing towards a permanent improvement in the current account as a result of the policies we are decisively implementing to increase the export of goods and services and our steps to reduce unfair imports.

"THE HIGHEST OCTOBER EXPORT IN THE HISTORY OF THE REPUBLIC"

· According to the foreign trade data for October produced in cooperation with our Ministry of Trade and the Turkish Statistical Institute, our exports have reached 23.5 billion dollars with an increase of 3.1%. Thus, the highest October export in the history of the Republic has been achieved.

· In October, our exports excluding gold and energy increased by 7.2% compared to the same month of the previous year, reaching 22.1 billion dollars.

· In the first 10 months of 2024, our exports increased by 3.1% compared to the same period of the previous year, reaching 216.2 billion dollars.

· As of October 2024, our annualized (last 12 months) exports have increased by 7.7 billion dollars compared to the same month of the previous year, reaching 262.2 billion dollars.

WHILE EXPORTS INCREASED, IMPORTS DECREASED

· In October 2024, imports remained stable at 29.4 billion dollars compared to the same month of the previous year, while in the first 10 months of the year, imports decreased by 7.2% compared to the same period of the previous year, reaching 282.0 billion dollars.

· In October 2024, our annualized (last 12 months) imports decreased by 27.1 billion dollars compared to the same month of the previous year, falling to 340.1 billion dollars.

· Thus, in the first 10 months of the year, the foreign trade deficit decreased by 30.1% to 65.9 billion dollars, while the ratio of exports to imports increased by 7.7 points to 76.7%.

· Our foreign trade deficit has decreased by a full 44.3 billion dollars as of October 2024 compared to its peak in May 2023.

"WE ARE AMONG THE COUNTRIES THAT BEST PROTECT THEIR LOCAL PRODUCERS"

· While strengthening our competitiveness in global trade with value-added and innovation-focused production, we continue our efforts to ensure sustainable export growth through our support mechanisms, commercial diplomacy activities, and overseas representations as the Ministry of Trade. We continue to effectively use trade policy measures and practices to protect our local producers and domestic industry against unfair competition caused by dumping, subsidized imports, or increasing imports. We are among the countries that best protect their local producers against damages and threats caused by import sources with trade policy defense tools.