Economy in Turkey: Trade deficit decreases to 7 billion dollars in February 2024

Turkey’s exports increased by 13.6 percent in February, reaching 21 billion 86 million dollars. Minister Bolat stated that the foreign trade deficit also decreased by 42.3 percent and decreased to 7 billion dollars.

Minister of Trade Ömer Bolat announced the foreign trade figures for February. Bolat said, “Our exports in February increased by 13.6 percent compared to the same month last year, reaching 21 billion 86 million dollars. We reached the highest February export value in the history of the Republic.”

Minister Bolat used the following statements: “Our foreign trade deficit decreased by 48 percent in January, decreasing to 6.2 billion dollars. It decreased by 42.3 percent in February and decreased to 7 billion dollars.”

Highlights from Bolat’s statements are as follows:

“Our exports in February increased by 13.6 percent to 21.1 billion dollars. Thus, we reached the highest February export in the history of the Republic. A criticism may arise. This year February had 29 days, one more day. It may be said that this is the reason. Let me also express that; Looking at the first 28 days of February, our exports increased by 7.8 percent to 20 billion dollars. So, the record year for February 2022 was 19.6 billion dollars.

In this 29-day February, our imports were also the same, one more day of imports. But our 29-day imports decreased by 8.5 percent to 28 billion 87 million dollars. In the balance of the two, our foreign trade deficit decreased by 48 percent in January, decreasing to 6.2 billion dollars. It decreased by 42.3 percent in February and decreased to 7 billion dollars. The export-to-import ratio also increased by 14.6 percentage points to 75.1 percent.”