$5.3B improvement in foreign trade balance: Finance Minister Simsek

Treasury and Finance Minister Mehmet Simsek announced that the balancing of foreign trade has become more evident, and they anticipate a significant decline in the annual current account deficit by July.

Simsek shared foreign trade data for July on his official X account.

According to Simsek, the annual foreign trade balance surged by $5.3 billion in July compared to the previous month and by a remarkable $38.8 billion year-on-year.

“We expect a significant decline in the annual current account deficit in July. With cyclical factors accompanied by structural reforms, we will make the sustainable current account deficit and our gains in reserves permanent,” he said.