Imports increased by 4 percent in April

Foreign trade data for April has been released. Accordingly, the foreign trade deficit rose as imports increased by 4.0 percent.

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According to foreign trade data, 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.

HIGHEST FOREIGN TRADE DEFICIT IN THE LAST 9 MONTHS

Foreign trade statistics for April, compiled by the Turkish Statistical Institute and the Ministry of Trade under the General Trade System, have been announced. In April, the foreign trade deficit increased by 12.9 percent compared to the same month of the previous year, rising from 8 billion 739 million dollars to 9 billion 863 million dollars. In the January-April period, the foreign trade deficit decreased by 30.5 percent, falling from 43 billion 539 million dollars to 30 billion 243 million dollars.

STATEMENT FROM MINISTER ŞİMŞEK: WE EXPECT A DECLINE IN MAY

Minister of Treasury and Finance Mehmet Şimşek made statements on his social media account regarding the highest foreign trade deficit in nine months on a monthly basis. Minister Şimşek said, "Due to calendar effects, the annual foreign trade deficit temporarily increased in April. This situation will also be reflected in the current account deficit."

Stating, "We expect a decline again in the annual foreign trade deficit and current account deficit in May," Şimşek noted the following:

"Although there may be limited fluctuations for the remainder of the year due to temporary effects, we anticipate 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 target."

News Source: 12punto