Minister of Trade Ömer Bolat shared the current account deficit data for May 2024 from his X account. According to Bolat’s statement, the developments in the current account deficit were remarkable.
May 2024 Current Account Deficit Data
| Data | Value |
|---|---|
| May 2024 Current Account Deficit | $1.2 billion (84.1% decrease) |
| January-May 2024 Current Account Deficit | $17.6 billion (53.0% decrease) |
| Annualized Current Account Deficit May 2024 | $25.2 billion |
| May 2024 Annualized Foreign Trade Deficit | $35.1 billion |
Minister Bolat stated in his post that in May 2024, exports increased by 2.3% on an annualized basis to 260 billion dollars, while imports decreased by 7.8% to 347.1 billion dollars.
Other Details and Reviews
- Export Increase:In May 2024, goods exports increased by 16%, reaching $24.1 billion.
- Import Decrease:In the same period, imports of goods decreased by 10.4% to 30.6 billion dollars.
- Service Export:Service revenues rose to a record $105.0 billion, while travel revenues rose to $51.1 billion.
Minister Bolat stated that positive developments in the foreign trade balance brought economic growth to a balanced structure and that the improvement in the current account deficit strengthened macroeconomic stability. He predicted that the trend of increasing exports and decreasing imports was expected to continue and that foreign trade would make a positive contribution to the current account balance and economic growth.
