The Central Bank of the Republic of Turkey (CBRT) announced the data on its current account in July. According to the data released in July, the current account account gave more than 566 million US dollars.
Trade Minister Ömer Bolat said the following in his evaluation on X:
In July 2024, the 12-month current account deficit fell below $20 billion for the first time since April 2022.
The increase in exports and the decrease in imports also support a balanced growth structure.
The major improvement in the current account continues to provide a positive picture of the future of our economy, consolidating macroeconomic stability.
⁇ In July 2024, a surplus of 566 million dollars was given in the current account. Thus, an improvement of $5.9 billion was recorded from the current account compared to the same month of the previous year. Thus, it has been given more than 2 months in a row and will continue to be given more strongly in August.
⁇ Current account deficit in the January-July period of 2024 compared to the same period of the previous year %It was recorded as $16.0 billion, down 61.8 percent.
⁇ Thus, the peak annualized current account deficit, which was $57.0 billion in May 2023, decreased by $37.9 billion in the following months to $19.1 billion as of July 2024. Thus, the annualized current account deficit fell below the $20 billion level for the first time since April 2022.
In the same period, the annualized foreign trade deficit decreased by 39.8 billion dollars. Thus, the annualized current account deficit compared to May 2023, with the effect of the policies implemented in foreign trade, %It dropped to 66.5.
⁇ Our annualized exports in July 2024, on an annual basis %With an increase of 3.4 ⁇ , it increased to 261.5 billion dollars. Annualized imports in the same month %With a decrease of 8.0 ⁇ , it decreased to 343.9 billion dollars. Annualized foreign trade deficit creased by 32.0 percent and became 82.4 billion, while the import satisfaction rate of exports increased by 8.4 percentage points %It was 76.0.
⁇ The decline in the foreign trade deficit is accompanied by an increase in our service exports. Service revenues renewed their record in July at $106.8 billion on an annualized basis. Travel revenues under the services increased to $52.4 billion. Supports to increase exports of goods and services and the implementation results of measures to reduce imports have recorded a significant decline in the current account deficit.
· Exports according to the temporary foreign trade statistics announced by our Ministry in August %2.4% increase, while imports creased by 10.8 percent. Thus, in the foreign trade deficit %There was a strong decline of 43.4 percent. In this context, the annualized current account deficit in August is expected to fall below $16 billion.
⁇ Positive developments in the foreign trade balance make economic growth more balanced, while the improvement in the current account strengthens macroeconomic stability. As a matter of fact, in the second quarter of 2024, current account deficit %While a decrease of 52 percent was observed, %Half of the economic growth of 2.5 percent was due to net exports of goods and services. It is expected that the trend of increase in exports and decrease in imports will continue throughout 2024, and foreign trade is expected to make positive contributions to the current account balance and economic growth. As the Ministry of Trade, we will continue to work resolutely in close cooperation with our producers and exporters with the aim of increasing our share in global exports of goods and services. ⁇
