Turkey’s Economy Shows Positive Signs: Exports Rise, Trade Balance Improves

Turkey’s economy continues to show signs of improvement, with July recording a significant increase in exports and a balanced trade deficit, according to Turkish Industry and Technology Minister Mehmet Fatih Kacır. Exports surged by 13.8% compared to the same period last year, reaching $22.5 billion. Meanwhile, imports declined by 7.8%, reaching $29.8 billion. The export-to-import ratio rose from 61.2% in July 2022 to 75.5% this year, indicating a positive shift in the trade balance. This improvement is attributed to the government’s stable economic policies, which have fostered a favorable environment for business growth and investment. Kacır emphasized that Turkey remains committed to a comprehensive reform and improvement process, aiming for continued growth through investment, innovation, advanced technologies, employment, production, and exports.