Trade Minister Omer Bolat has shared important news about Türkiye’s economy, announcing that August saw the highest export figures in the country’s history.
Bolat revealed that the country’s exports surged by 2.4% to $22.1 billion in August, breaking a monthly export record for the ninth time in the last 13 months.
Bolat pointed out that the trade deficit hit its lowest level in 34 months in August, dropping to $4.9 billion.
He noted that imports continued to decrease, falling by 10.8% to $27 billion, which is a reduction of $3.3 billion in value.
Yearly improvements
Bolat reported that from January to August, imports fell from $247 billion last year to $225.7 billion this year, with the trade deficit reducing by $78.6 billion over the past year. He emphasized a $40 billion improvement in the trade deficit over the last 12 months.
When discussing growth, Bolat mentioned that Türkiye achieved a 2.5% growth rate in the second quarter of 2024.
He also shared that national income reached $1.202 trillion by mid-year. Bolat credited these improvements to Türkiye’s sustainable trade policies and expressed his pleasure in delivering positive economic news.
| Category | August 2024 Data | Yearly Change (%) |
|---|---|---|
| August Export Amount | $22.1 billion | +2.4% |
| August Import Amount | $27 billion | -10.8% |
| August Trade Deficit | $4.9 billion | -43.4% |
| Lowest Trade Deficit in Last 34 Months | $4.9 billion | – |
| Annual Goods Exports | $262 billion | +$8.9 billion |
| Months with Record Exports in Last 13 Months | 9 months | – |
| Imports from January-August 2024 | $225.7 billion | – |
| Increase in Goods Exports (January-August 2024) | +3.9% | – |
| Months with Record Exports in the Last 13 Months | $47.2 billion | – |
| Target for Services Trade in 2024 | $110 billion | – |
Target for services exports
Bolat also emphasized Türkiye’s goals in service trade, setting a target of $110 billion in service exports for this year.
He noted that in the first half of the year, services exports totaled $47.2 billion, leading to a net surplus of $52.6 billion.
In conclusion, Bolat expressed optimism about Türkiye’s continued economic progress and the sustainability of these achievements.
