Bolat: We Will Continue to Effectively Utilize Trade Policies to Protect Our Domestic Producers

The Minister of Trade, Ömer Bolat, stated that the government is reaping the fruits of its economic program.

Speaking through X, Bolat said, "Promising positive developments in foreign trade and current transactions continued in October as well. We are harvesting the results of our government's economic program. The foreign trade deficit has decreased by a full 44.3 billion dollars as of October 2024, compared to its peak in May 2023. As a result of improvements in foreign trade, we will have recorded a surplus in the current account for the fifth consecutive month in October.

The increases in exports and decreases in imports, along with improvements in the current account, are strengthening financial stability and macroeconomic stability while positively contributing to economic growth. The improvements in the current account are enhancing our country's credibility in the eyes of international investors and strengthening capital inflows. This situation provides additional support for the process of reducing inflation. In the upcoming period, we are progressing towards a sustainable improvement in the current account due to our steadfastly implemented policies aimed at increasing the export of goods and services and steps taken to reduce unfair imports.

According to the foreign trade data for October, produced in cooperation with our Ministry of Trade and the Turkish Statistical Institute, our exports have increased by 3.1% to 23.5 billion dollars. Thus, we have achieved the highest October export in the history of the Republic.

In October, our exports, excluding gold and energy, reached 22.1 billion dollars, an increase of 7.2% compared to the same month of the previous year.

In the first 10 months of 2024, our exports increased by 3.1% compared to the same period of the previous year, reaching 216.2 billion dollars.

As of October 2024, our annualized (last 12 months) exports increased by 7.7 billion dollars compared to the same month of the previous year, reaching 262.2 billion dollars.

In October 2024, imports remained stable at 29.4 billion dollars compared to the same month of the previous year, while imports in the first 10 months of the year decreased by 7.2% to 282.0 billion dollars compared to the same period of the previous year.

The annualized (last 12 months) imports in October 2024 decreased by 27.1 billion dollars compared to the same month of the previous year, falling to 340.1 billion dollars.

Thus, the foreign trade deficit declined by 30.1% to 65.9 billion dollars in the first 10 months of the year, while the ratio of exports covering imports increased by 7.7 percentage points to 76.7%.

The foreign trade deficit decreased by a total of 44.3 billion dollars annually as of October 2024, compared to its peak in May 2023.

While strengthening our competitiveness in global trade through value-added and innovation-focused production, we are continuing our efforts to ensure sustainable export growth through our support mechanisms, commercial diplomacy activities, and overseas representation as the Ministry of Trade. We are effectively utilizing trade policy measures and practices to protect our domestic producers and industry from unfair competition arising from dumping, subsidies, or increasing imports. We are among the countries that most protect their domestic producers from trade policy-related damages and threats on a global scale."