Minister Bolat predicts ongoing decline in current account deficit
Minister of Trade Ömer Bolat Analyzes June Foreign Trade and Second Quarter Tourism Statistics
Minister of Trade Ömer Bolat recently took to his social media account to discuss the latest foreign trade statistics for June and tourism statistics for the second quarter of this year. According to data collected by the Ministry of Trade in collaboration with the Turkish Statistical Institute (TÜİK), exports in June saw a decrease of 8.3 percent to $19 billion. Bolat attributed this decrease to the holiday season and negative calendar effects.
However, despite the dip in June, Bolat emphasized that exports for the first half of the year still managed to increase by 2.6 percent compared to the same period last year, reaching $126.3 billion. Additionally, annual exports as of June were up by 2.9 percent from the previous year, totaling $258.8 billion.
On the other hand, imports decreased by 4.4 percent in June compared to the same month last year, amounting to $24.9 billion – the lowest import value seen in the last 32 months. For the first half of the year, imports were down by 8.4 percent compared to the previous year, totaling $168.9 billion. Due to calendar effects, the foreign trade deficit in June increased by 10.8 percent, reaching $5.9 billion – the lowest monthly deficit in the past 5 months.
Turning to tourism statistics, Bolat noted that tourism revenues in the second quarter of the year had increased by 11.8 percent compared to the same quarter last year, reaching $14.9 billion. For the first half of the year, tourism revenues saw a 9.3 percent increase, totaling $23.7 billion.
Looking ahead, Bolat expressed optimism that the positive trends in exports and the decrease in imports would continue in the second half of the year. He anticipates a continued recovery in the foreign trade balance on the goods side and expects net exports to contribute positively to growth in 2024. Furthermore, Bolat forecasts that the current account deficit will continue to decline throughout the year.
Overall, Minister of Trade Ömer Bolat remains hopeful for a strong finish to the year, with promising signs of economic recovery and growth on the horizon.
