The Central Bank of the Republic of Turkey (CBRT) reported that Turkey significantly reduced its current account deficit in the first half of 2024, recording a surplus of $407 million in June.
According to Trade Minister Omer Bolat, this improvement is due to a combination of rising exports and falling imports, which have strengthened the country’s macroeconomic stability.
Reduction of account deficit by 55%
- In June 2024, Turkey recorded a current account surplus of USD 407 million, its first surplus since September 2023.
- The current account deficit for the period January-June 2024 was $16.5 billion, a decrease of 55% compared to the same period in 2023.
Türkiye increases exports
- Trade Minister Bolat noted that exports increased by 2.9 percent, reaching $258.8 billion through June, while imports fell 6.6 percent to $346.4 billion.
- The trade deficit decreased by 26.6% to $87.6 billion.
- Bolat stressed that the trade deficit had decreased by 26.6 percent and the export-import coverage ratio had improved to 74.7 percent.
Türkiye’s economic growth
- Services exports, particularly from the travel sector, contributed significantly to the surplus; annualized services revenues reached a record $105.8 billion in June.
- CBRT data also shows that travel revenue reached $51.9 billion, further strengthening the current account balance.
I am looking forward to
- Bolat stressed that with continued support for exports and measures to curb imports, the current account deficit is expected to fall below the medium-term program (MTP) target by the end of the year.
- The ongoing trend of improving the trade balance is expected to have a positive impact on both the current account and economic growth in 2024.
