Home > Economy News > Minister Şimşek shares post on 'current account deficit': 'It will fall below the MTP target'

Minister Şimşek shares post on 'current account deficit': 'It will fall below the MTP target'

Minister of Treasury and Finance Mehmet Şimşek shared a post on social media after the foreign trade deficit rose by 12.9 percent to 9.9 billion dollars in April. Şimşek stated, "Due to calendar effects, the annual foreign trade deficit increased temporarily in April. This situation will also be reflected in the current account deficit."

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According to the foreign trade data announced by the Turkish Statistical Institute (TÜİK); exports in April 2024 increased by 0.1 percent compared to the same month of the previous year, reaching 19 billion 254 million dollars, while imports increased by 4.0 percent to 29 billion 117 million dollars.

Following the announcement of the data, Minister of Treasury and Finance Mehmet Şimşek shared a post on X.

"WE FORECAST IT TO BE 2.5 PERCENT"

Şimşek stated the following:

"Due to calendar effects, the annual foreign trade deficit increased temporarily in April. This situation will also be reflected in the current account deficit.

We expect a decline again in the annual foreign trade deficit and current account deficit in May.

Although there may be limited fluctuations in the remainder of the year due to temporary effects, we forecast that the ratio of the current account deficit to national income will be approximately 2.5 percent as of the second quarter.

By the end of the year, the current account deficit will be significantly lower than the Medium-Term Program (MTP) target."