Ministry of Commerce continues its work for permanent improvement in the current account

Bolat evaluated the balance of payments statistics to the AA correspondent.

Reminding that Turkey’s current account deficit decreased by 1.3 billion dollars in November 2023 to 2.7 billion dollars, Bolat said that the annualized current account deficit, which was 60.3 billion dollars in May 2023, decreased by 10.7 billion dollars in the following months, decreasing by 10.7 billion dollars in November 2023. He pointed out that it decreased to 49.6 billion dollars by 2023.

Pointing out that the annualized foreign trade deficit has decreased every month since July 2023 and the annualized current account balance has improved, Bolat said, “The decline in the current account deficit in November is due to the fact that the balance of payments-defined foreign trade deficit decreased by 38.5 percent annually and reached 4.4 billion dollars.” “Service revenues reached a record level of $99.2 billion on an annualized basis in November 2023, and travel revenues under services increased to $47.2 billion on an annualized basis.” he said.


Pointing to the positive trend in the annualized series in the balance of payments data, Bolat said, “The improvement in the current account deficit on an annualized basis is expected to continue to become evident in the first quarter of 2024, in line with the Medium Term Program (MTP) target.” he said.

Bolat stated that they continue to work to achieve a permanent improvement in the current account account with the support they offer to increase exports of goods and services and import policies to protect domestic producers, and said:

“With our policies shaped within the scope of ‘innovation, production, investment, employment, export and fair distribution’, we are determined to move the Turkish economy to a more competitive and strong position. We will strengthen the macroeconomic stability necessary for a permanent improvement in the current account account and a sustainable increase in welfare.”

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