Turkey’s trade deficit drops to $4.9 billion in August, the lowest in 34 months

In August, Turkey’s trade deficit dropped to $4.9 billion, the lowest in 34 months, according to Minister Bolat. The deficit decreased by 43.4%, falling to $4.9 billion. Additionally, Bolat announced that Turkey had achieved its highest-ever August export figure in its history, with a 2.4% increase, reaching $22.1 billion.

Minister Bolat stated that this positive outcome was the result of the government’s economic policies under the leadership of the President, effective measures to prevent unfair imports, and the diligent export performance. He also thanked all exporters.

Regarding economic growth, Bolat highlighted that despite a slowdown in growth in the second quarter of 2024 due to strong monetary tightening and demand-related adjustments, Turkey achieved 16 consecutive quarters of positive growth, with a 2.5% growth rate in the second quarter.

The net contribution of goods and services exports to this growth was 1.3 points, with half of the growth in the second quarter attributed to net goods and services exports.