Boosting the Turkish Economy through Increased Exports and Shrinking Trade Deficit
Boosting the Turkish Economy through Increased Exports and Shrinking Trade Deficit
Decrease in Trade Deficit and Increase in Exports
The Turkish Ministry of Trade announced today, Thursday, that the trade deficit decreased by 10.3% on a yearly basis to reach $7.52 billion in March last year, expecting this trend to continue with increasing exports and decreasing imports during the current year. The Ministry clarified in its statement that exports decreased by 4.1% to reach $22.58 billion in March, while imports declined by 5.7% to reach $30.1 billion during the same period.
Statements by the Turkish Minister of Trade
Commenting on these figures, the Turkish Minister of Trade, Omar Bulat, stated in a post on the X platform, “Turkey’s exports continue to rise since the beginning of the current year,” noting that “the value of the country’s exports reached $20 billion in January and $21.1 billion in February.”
Historical Achievements of Turkish Exports
Turkish President Recep Tayyip Erdogan pointed out before the end of last year that the country’s exports in the last 12 months until October had reached $254.8 billion, expressing his pride in the companies contributing to production, employment, and exports in Turkey. He explained that exports reached a new record in October 2023 with an increase of 7.4% compared to the same month of the previous year, reaching $22.9 billion.
Continuous Evolution of Turkish Exports
Erdogan added that Turkey’s annual exports were only $36.1 billion in 2002 when the Justice and Development Party came to power, and that Turkey ranks third in terms of the speed of export growth among countries of the Organization for Economic Cooperation and Development (OECD).
Conclusion
The recent data demonstrates the strength of the growing Turkish economy and the continuity of its increasing exports, contributing to reducing the trade deficit. These improvements are a positive indicator for foreign investors, reflecting economic stability and sustainable growth. Boosting exports enhances the attractiveness of the Turkish market as an investment center and encourages attracting more foreign direct investments that can contribute to increased production and employment, thus supporting the national economy further.
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