Türkiye’s annual foreign trade deficit decreased to $79 billion in September, down $43 billion compared to May of last year, according to a statement by Turkish Treasury and Finance Minister Mehmet Şimşek.

Minister Şimşek shared updates on the country’s foreign trade balance, indicating significant progress in reducing the deficit. He also expressed optimism about the current account deficit, stating, "We expect the annual current account deficit to decline to about $15 billion in August and remain at similar levels in September."

He noted that this improvement would lead to a decrease in the ratio of the current account deficit to GDP, which is projected to fall below 1.5 percent in the third quarter of 2024.

"The declining current account deficit reduces our need for external financing, supports macro-financial stability, and significantly contributes to our main goal of achieving permanent price stability," Şimşek added.

This reduction in the trade and current account deficits is seen as a positive development for Türkiye's economic outlook, enhancing efforts to stabilize the country's financial framework. (ILKHA)

Eylülde yıllık dış ticaret açığı geçen yılın mayıs ayına göre 43 milyar dolar azalarak 79 milyar dolar gerçekleşti.

Yıllık cari açığın ağustosta yaklaşık 15 milyar dolara gerilemesini, eylülde benzer seviyelerde gerçekleşmesini bekliyoruz. Böylece üçüncü çeyrekte yıllık cari… pic.twitter.com/NudrR4qnWZ

— Mehmet Simsek (@memetsimsek) October 2, 2024