Türkiye’s foreign trade deficit dips in July

ANKARA, Aug. 28 (Xinhua) — Türkiye’s foreign trade deficit dipped to 7.3 billion U.S. dollars in July, down 41.8 percent year-on-year, the Turkish Statistical Institute said Wednesday.
In July, exports soared to 22.5 billion dollars, up 13.8 percent annually, while imports fell to 29.8 billion dollars, down 7.8 percent, it said.
The ratio of exports to imports rose to 75.5 percent in July from 61.2 percent in the same month a year ago, it said.
Meanwhile, Turkish Treasury and Finance Minister Mehmet Simsek said on social media platform X that the annual foreign trade deficit in July decreased by 38.7 billion dollars compared to the same period last year, indicating an annual current account deficit of less than 20 billion dollars for July.
“We have made significant progress in reducing the high current account deficit, one of the macroeconomic imbalances,” Simsek said.
“By achieving price stability, which is our main goal, we will ensure fairness in income distribution and permanent welfare increase,” he said.
Türkiye has been struggling with rising inflation and one of the worst cost-of-living crises of its history.
Following the implementation of a tight monetary policy and austerity measures since the summer of 2023, Türkiye’s inflation cooled to a nine-month low of 61.78 percent in July.
Nevertheless, prices for most goods remain elevated and keep rising, putting additional pressure on struggling families. ■