Trade Minister Mehmet Mus said, “Exports increased by 20.2% in October compared to the same month of the previous year and reached $20.8 billion. Last month, the highest monthly export value in the history of the Republic was refreshed.”
Minister Mus announced the foreign trade figures for October at the press conference he held with Ismail Gulle, President of the Turkish Exporters Assembly, at the Conference Hall of the Ministry of Commerce.
Pointing out that this year was a record-breaking year for exports, Mus said that exports accelerated economic growth and strengthened the foreign trade balance.
RECORD REFRESHED
In this context, noting that the strong performance in exports throughout 2021 continued in October as well, Mus said, “Our exports increased by 20.2% compared to October last year and reached $20.8 billion. With this value, last month’s highest monthly export value in the history of the Republic was refreshed. In addition, our export value of $215.7 billion for the last 12 months is a new record. In the January-October period of 2021, our exports increased by 33.9% compared to the same period of the previous year and reached $181.8 billion. With this figure, we have surpassed our highest annual export record of $180.8 billion, which we achieved in 2019, in just 10 months of 2021.”
“THE FOREIGN TRADE DEFICIT DECREASED”
Stating that imports were $22.3 billion in October with an increase of 13% compared to the same month of the previous year, Mus said:
“Our January-October period imports amounted to $215.6 billion with an increase of 22.5% compared to the same period of 2020. In October, the import coverage ratio of exports increased by 5.6 points compared to the same month of the previous year and reached 93.4%. Look, if you notice, the ratio of our exports to imports is constantly increasing. You will see that in a very short time we will have reached the target of Turkey, which has a surplus in foreign trade. Our coverage ratio rose to 84.3% in the January-October period, with an increase of 7.2 points compared to the previous year. Similarly, our foreign trade deficit decreased by about 16% in the January-October period compared to the same period of the previous year, and decreased to $33.8 billion.”
Source: Sabah / Translated by Irem Yildiz