Minister of Treasury and Finance Mehmet Şimşek stated that the trade deficit was below expectations in February and decreased by 5.8 billion dollars compared to the previous year. He used the expression, “This trend indicates that the trade deficit could be below 2.5 percent of national income by the end of the year.”
Şimşek shared a post on social media regarding the February balance of payments data announced by the Central Bank of the Republic of Turkey.
Şimşek, evaluating the data, stated, “The trade deficit was below expectations in February and decreased by 5.8 billion dollars compared to the previous year.” He emphasized that there was an annual improvement of 28.3 billion dollars compared to the peak in May 2023.
“The decline will continue gradually”
Şimşek pointed out that the decrease in the trade deficit indicates that the Medium-Term Program is working and said:
“With the effect of the policies we have implemented for disinflation, we expect this decrease to continue gradually in the coming months. This trend indicates that the trade deficit could be below 2.5 percent of national income by the end of the year. The decrease in the trade deficit will support the accumulation of foreign exchange reserves and will also support disinflation through the macrofinancial stability channel.”
source: aa.com.tr/ prepared by Melisa Beğiç