Trade Minister Ömer Bolat conveyed Thursday Ankara’s goal to proceed actively utilizing measures towards unfair practices and the efficient protection coverage instruments supporting the nation’s producers and exporters together with the import regime, which he stated was up to date accordingly this yr.
In his put up on the X social media platform, previously Twitter, Bolat recalled that Türkiye’s imports final yr decreased by 1% in comparison with 2022, reaching $361.8 billion (TL 10.91 trillion).
Stating that the international commerce deficit decreased by 3.2% in the identical interval, the minister stated that imports entered a declining pattern on an annual foundation with the results of the measures taken in international commerce coverage since August final yr.
Bolat identified that after July 2023, the export-import protection ratio elevated steadily and this ratio elevated to 79% in December 2023.
Last yr marked a brand new all-time excessive as Türkiye’s outbound shipments reached $255.8 billion, regardless of world challenges, the crises in its close to geography and devastating earthquakes that struck the nation’s southeastern area.
The determine marked the third straight annual peak and surpassed the goal set within the authorities’s medium-term program (MTP), which was unveiled in early September.
The determine is up 0.6% from $254 billion in 2022. Sales totaled $225.4 billion in 2021 after they had been hit by the coronavirus pandemic and dropped to as little as $169.5 billion in 2020.
The MTP export estimates had been $255 billion for 2023 and $267 billion for 2024. At $361.8 billion, imports in 2023 additionally got here under this system’s estimate of $367 billion.
The minister additionally reported that they’ve applied 197 measures with proactive import precautions and efficient protection instruments, whereas 52 investigations are ongoing.
Furthermore, he additionally talked about that the ministry had concluded 161 anti-dumping investigations, 11 safeguard measures and 77 investigations towards the nullification of measures to guard corporations in numerous sectors, together with iron and metal, textiles, attire, petrochemicals, paper and photo voltaic panels, from unfair competitors and hurt via imports.
He attributed the decline in imports partly to the drop in worldwide power costs but additionally highlighted the impacts of the steps the ministry had undertaken towards unfair practices in importing merchandise equivalent to gold, automotive, metal, textile and attire within the second half of final yr.
Pointing out that they offered further safety for a lot of further merchandise with efficient protection coverage instruments and dynamic tax insurance policies in commerce, according to the wants of the manufacturing and exporting sectors and up to date the import regime for 2024 accordingly, the minister stated: “In order to protect our domestic producers and therefore our exports against unfair competition and damage caused by imports, we will continue to effectively use trade policy defense tools, in accordance with international rules and prioritize production and employment in our country.”
Earlier this week, the minister famous they had been “working to ensure a permanent improvement in the current account balance,” highlighting the lowering pattern noticed in the previous couple of months.
The present account is essentially the most full measure of commerce as a result of it contains funding flows and commerce in merchandise and providers. The fall got here as Türkiye embraced extra typical policymaking following elections final yr.
Since July, the annualized international commerce deficit has been declining every month, whereas the 12-month rolling present account outlook has been enhancing, Bolat stated.
The 12-month rolling present account deficit fell from $50.9 billion in October to $49.6 billion in November final yr, the most recent numbers from the nation’s central financial institution confirmed final week.
The enchancment within the present account deficit on an annualized foundation is anticipated to turn into extra evident within the first quarter of 2024, according to the targets set within the medium-term program, Bolat stated.
“We are determined to move the Turkish economy to a more competitive and strong position with our policies designed within the scope of innovation, production, investment, employment, export and fair distribution,” the minister added.
Source: www.dailysabah.com