Türkiye Records Historic $23.6 Billion in October Exports

Antalya, The Gulf Observer: Türkiye’s exports reached a record-breaking $23.6 billion in October, marking the highest figure ever recorded for that month, Turkish Trade Minister Omer Bolat announced at an event organized by the Turkish Exporters Assembly (TIM) in Antalya on Saturday. This achievement represents a 3.6% increase compared to the same month last year.

Minister Bolat emphasized that Türkiye has set export records in 10 of the last 15 months, indicating a robust and sustained growth trajectory in the country’s trade sector. In contrast, imports experienced a slight decline of 0.1%, totaling $29.36 billion for October.

The reduction in imports contributed to a $1.1 billion decrease in Türkiye’s foreign trade deficit, which narrowed to $5.7 billion compared to October of the previous year. For the January to October period, Türkiye’s exports amounted to $216.4 billion, reflecting a 3.2% increase year-on-year, while imports decreased by 7.2% to $282 billion. This decrease resulted in a substantial 30.4% reduction in the trade deficit, bringing it down to $65.6 billion.

Bolat also highlighted an improvement in the export-import coverage ratio, which rose by 7.7 percentage points to 76.7% during the first ten months of the year.

Looking ahead, the minister reported that Türkiye’s rolling exports from October 2023 to October 2024 reached $262.3 billion, marking a 3.1% annual increase and another historic milestone. Meanwhile, imports during the same period amounted to $340 billion, a reduction of $27 billion, or 7.4%. This has resulted in a significant decrease in the foreign trade deficit by 32%, dropping from $112.8 billion to $77.7 billion.