Made In Türkiye October 2024

October 2024
Türkiye offers a series of challenging
investment opportunities in line with
The Eurasia
Packaging Istanbul
Fair attracts great
interest as usual
The Eurasia Packaging Istanbul Fair - highly
anticipated business platform of the
packaging industry opens its doors for
the 29th edition at
Tüyap Fair and Congress Center in Istanbul
on October 23-26, 2024.
The Eurasia Packaging Istanbul Fair,
where solutions for food processing
along with packaging machinery and
equipment are exhibited together with
packaging products, provides exhibitors
with the opportunity to meet decision-makers
from the food and non-food
industries from Türkiye, as well as from
the Middle East, Western Europe, the
Balkans, Russia, the Caucasus, Central
Asia, the Middle East, and Africa, thanks
to its location in Istanbul, which is a crossroads
of different regional economies.
Page 9
The Turkish packaging
industry prospers
more than ever
Packaging provides protection to products
by ensuring safe delivery from the
place of manufacture to the point of sale
or use. The Turkish packaging industry
is a well-developed sector. In recent
years, innovations and the environment
friendly production in the sector have
increased. Page 8
Türkiye records
highest current
account surplus in
5 years
Türkiye’s current account balance registered
its highest surplus in five years in
August, while the 12-month rolling gap
plunged to its lowest since the end of
2021, official data showed. The balance
posted a surplus of $4.3 billion in August,
the Central Bank of the Republic
of Türkiye (CBRT) said, compared with
a revised surplus of $778 million the previous
month.
That marked the highest level since August
2019 and the third straight monthly
surplus. Page 10
the “Invest in Türkiye” program
The economic program the Government is
implementing is on the right track, the Turkish Finance
Minister Mehmet Şimşek has said, adding that growing
interest in Türkiye is an indication that “we are on the
right track.”
Şimşek made those comments after a meeting with
investors in Doha on Oct. 9, where he also held talks
with government officials.
They discussed bilateral trade and commercial ties.
Şimşek attended a meeting organized under the “Invest
in Türkiye” program, where the minister talked about
Türkiye’s economic targets, the new economic policies,
reforms under the medium-term program and
strategies to boost foreign direct investments.
“I met with Qatar’s leading businesspeople and
entrepreneurs from many sectors and explained the
stability and reform program we are implementing in
Türkiye. The program is really yielding results,” Şimşek
told Anadolu Agency, adding that there were over 250
high-level participants. Page 8
Exports increase
most to Australia, N
Zealand in 8 months
Türkiye’s exports to Australia and New Zealand
soared 26 percent in the January-August period
from a year ago, marking the biggest increase
among all country groups, while Europe remained
the largest export market. Page 4
New medium-term
program sees 3.5 percent
growth this year
Türkiye’s economy is expected to grow by 3.5 percent this
year before the GDP expansion accelerates to 4 percent
in 2025 and 4.5 percent in 2026, according to the government’s
medium-term economic program revealed on
Sept. 5. Unveiling the program, Vice President Cevdet
Yilmaz said the growth projection for 2024 was revised
downward by a 0.5 percentage point from the previous
program due to rising geopolitical tensions in the region.
The government’s economic growth target for 2027 is 5
percent. Several ministers, including Finance Minister
Mehmet Şimşek as well as Central Bank Governor Fatih
Karahan, were also present at the launch of the program
which covers the 2025-27 period. Page 4
Çiftsan Label & Packaging proved
its leadership in the sector
with 17 international awards
4 Turkish ports rank
among top 100 on
Lloyd's list
Four Turkish ports have been listed among the world’s top
100 ports in 2023, Transport and Infrastructure Minister
Abdulkadir Uraloğlu said.
In a written statement, the minister said that the ports of
Ambarlı, Kocaeli, Mersin and Tekirdağ ranked in the 100
ports list (“One Hundred Ports 2023”) prepared by Lloyd’s,
one of the U.K.’s leading news portals. Page 5
Türkiye launches TechVisa
program to attract foreign
entrepreneurs
Türkiye presented a new visa program aimed at simplifying
work permits for foreign professionals and entrepreneurs
with specialized expertise, in an effort to attract
high-value tech startups.
The Türkiye TechVisa Program, developed by the Industry
and Technology Ministry in cooperation with the Labor
and Social Security Ministry, features granting three-year
work permits to entrepreneurs and expert employees involved
in high-value sectors who establish companies in
Türkiye. The program, which has been in development for
two years, offers significant incentives, including exemptions
from corporate tax for companies established in tech
parks or incubators and income tax waivers for employees.
Page 4
Türkiye’s monthly
exports at all-time high
Istanbul Airport once
again tops list of busiest
in Europe
Türkiye’s Istanbul Airport once again topped the list of busiest
air hubs in Europe, with an average of 1,510 flights a
day, according to a recently published report of the European
Organisation for the Safety of Air Navigation (Eurocontrol).Page
4
Türkiye secures $2.3B
from abroad to fund
SMEs, exporters
Treasury and Finance Minister Mehmet Şimşek
announced Türkiye had secured approximately
$2.3 billion in funding from abroad to support
small and medium-sized enterprises (SMEs)
and exporters this year.
The capital, secured from multiple international
institutions through Türk Eximbank and development
banks, is part of the government’s
efforts to ease the real sector’s access to financing
amid a disinflation process, Şimşek said on
social media platform X.
For more than a year, authorities have delivered
aggressive fiscal and monetary tightening to
battle soaring prices. Page 10
Türkiye’s trade gap plunges
on exports rise amid import
slump

Economic Newspaper
2 Please mention
“Made in Türkiye” when writing to advertisers
October
2024
Mehmet Soztutan
Editor-in-Chief
Letter From
The Editor
THOUGHT OF
THE MONTH
“Quality is remembered
long after the price is
forgotten.”
Publisher:
ISTMAG Magazin Gazetecilik
İç ve Dış Ticaret Ltd. Şti. Adına Sahibi
H. Ferruh Işık
Around the globe,
around the clock…
As known, the Turkish exporting industries have shown remarkable
performance with its steady growth over the last decade. Located
at the intersection of Europe, Asia, Russia and Africa, Turkey’s
geographical location and high-tech infrastructure investments
offer significant advantages in terms of the global manufacturing
market.
Despite the geopolitical risks faced, our country continues to be
the production base of Europe and the world. With infrastructure
investments and the strength of its geographical location, Turkey
continues to be the leading production base in the world.
As for Turkey’s exporters, they wish to relentlessly invest, manufacture
and export. They are particularly involved in identifying,
evaluating and selecting target markets by trying to answer global
questions. It is also aimed to transport export products and
service exports to the farthest points of the world and to increase
the awareness of the Turkish brands.
According to the strategy, support will be increased by intensifying
promotional activities, especially advertising activities in the
written and visual media for these countries. In the consumption
channels of the countries, shopping malls and chain stores will be
specifically targeted.
It should be noted that exports and export-drive policies in particular
are regarded as a growth stimulator by the Turkish government
officials. As a matter of fact, opening up a country’s market
to the international markets allows a country more efficient production
and allocation of resources as the country can concentrate
on the production of goods in which it has a comparative advantage
based on its factor endowments.
Actually, being around the world for decades, we have a crucial
part to play under this strategy through our diverse range of
export- oriented publications.
We convey the messages of the Turkish exporting industries by
participating in a series of international fairs and exhibitions. Our
publications remain at the service of those business people seeking
to increase their share in the increasingly competitive global
markets.
We wish them and their trading partners a fruitful business.
PARADOX
The paradox of our time in history is that we have taller buildings,
but shorter tempers;
wider freeways, but narrower viewpoints;
we spend more, but have less; we buy more, but enjoy it less.
We have bigger houses and smaller families; more conveniences,
but less time;
we have more degrees, but less sense; more knowledge, but less
judgment;
more experts, but fewer solutions; more medicine, but less
wellness.
We have multiplied our possessions, but reduced our values.
We talk too much, love too seldom, and hate too often.
We’ve learned how to make a living, but not a life;
we’ve added years to life, not life to years.
We’ve been all the way to the moon and back,
but have trouble crossing the street to meet the new neighbor.
We’ve conquered outer space, but not inner space;
we’ve cleaned up the air, but polluted the soul; we’ve
split the atom, but not our prejudice.
We have higher incomes, but lower morals; we’ve become
long on quantity, but short on quality.
These are the times of tall men, and short character;
steep profits, and shallow relationships.
These are the times of world peace, but domestic warfare;
more leisure, but less fun; more kinds of food, but less nutrition.
These are days of two incomes, but more divorce; of fancier houses,
but broken homes.
It is a time when there is much in the show window and nothing in
the stockroom
Responsible Editor:
Mehmet Söztutan
(mehmet.soztutan@img.com.tr)
Editors:
Assoc. Prof. Mehmet Ali Özbudun
Ayça Sarıoğlu
Dilara CİCA
Correspondent:
İsmail Çakır
(ismail.cakir@img.com.tr)
Marketing Manager:
Recep Arslantaş
(recep.arslantas@img.com.tr)
Arts Director:
Tayfun Aydın
(tayfun.aydin@img.com.tr)
Subscription:
Ismail Özçelik
(ismail.ozcelik@img.com.tr)
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3 Economic Newspaper October
Please mention
“Made in Turkey” when writing to advertisers
2024
European Members
Adopt New
Carbon Removal
Certification
The new European Union Carbon
Certification System, developed to
assess the effectiveness, transparency,
and sustainability of carbon reduction
projects and various technologies
removing carbon from the atmosphere,
was approved by the European
Parliament in April 2024. This
certification scheme aims to bolster
the EU's efforts to meet its carbon
emission reduction targets. It includes
a comprehensive audit and certification
process that covers all participants and
stakeholders from the start to the end of
carbon reduction projects.
The system covers renewable energy
projects, carbon reduction technologies,
and various methods of carbon removal,
including storage and recycling. It
also supports natural-based solutions
such as conservation and restoration
of natural resources. The social and
environmental impacts of projects are
also assessed to ensure compliance with
sustainability standards.
This certification system is seen as a
step towards effectively implementing
EU climate policies, achieving the goals
of the Paris Agreement, and taking a
leadership role in combating global
climate change.
Government urges businesses to
follow medium-term program
Finance Minister Mehmet Şimşek has
announced that inflation in Türkiye is
projected to drop below 20 percent next
year and to single digits the following
year, urging the business community to
consider the Medium-Term Program
in their financial calculations.
«The disinflation process has begun
in a permanent way. On the one hand,
inflation will fall sharply in 2025 with
the lagged effect of monetary policy. On
the other hand, fiscal policy, revenue
policy, will become more supportive,”
Şimşek said at an event organized
in New York by the Anatolian Lions
Businessmen Association’s (ASKON)
U.S. branch.
“I would like to address businesspeople
in particular: If you make your
calculations accordingly, from your
inventories to your pricing policy, you
will not be on the wrong side,” Şimşek
added.
“Inflation is coming down. So it would
be in your interest to take our targets
into account. This year we have put a
band around inflation and we have
met many of our targets, even in a
difficult year with an election and
geopolitical turmoil at its peak. We
Energy policies yielding results
in boosting local production
Türkiye’s National Energy and Mining
Policy is yielding results in reducing
the country’s dependency on imported
energy and boosting local production,
Energy Minister Alparslan
Bayraktar has said.
Speaking at a gathering in the province
of Osmaniye, the minister recalled the
policy document was unveiled in 2016
and said: “We started to reap its fruits.”
“In 2020, the gas that we searched for
and found in the Black Sea with our
own ships and engineers has started
to be delivered to our homes. We meet
the natural gas needs of 2.6 million
households from the natural gas we
produce in the Black Sea alone,” he
said.
The minister reminded that a floating
production facility will arrive in the
Sakarya Gas Field in the Black Sea at
the end of this month, which will boost
the output there to 20 million cubic
meters.
The floating facility will produce
natural gas for 20 years, he said,
adding that production from the field
will meet the natural gas needs of 10
million households.
“We need to increase production and
make other discoveries in the Black
Sea,” Bayraktar said.
Türkiye is a major importer not only
of natural gas but also of oil, and is
dependent on foreign oil, he stressed.
The oil find in the Gabar region was the
biggest discovery ever in the country,
the minister said, noting that the
production from Gabar is currently
47,000 barrels/day.
“We aim to increase the production
there to 100,000 barrels within the next
year, and Türkiye will produce 200,000
barrels by 2025. For that, we need more
exploration,” Bayraktar said.
expect the business community to use
the Medium Term Program as a guide.”
Şimşek said that Türkiye had a serious
current account deficit a year ago
and that with the measures taken, the
current account deficit fell from around
$57 billion to less than $20 billion. «The
current account deficit is no longer a
source of fragility and concern,» he
said.
Recalling that the shortage of reserves
was also a source of concern last year,
the minister said that solving this
problem was one of the priority goals
and that net reserves had improved by
The volume of Türkiye’s e-exports is
expected to increase to $8 billion at
the end of 2024, according to Trade
Minister Ömer Bolat.
The country’s e-exports soared 131
percent last year to exceed $5 billion,
said the minister, who delivered a
speech at the Global E-Export Summit
(IGEXX) in Istanbul on Sept. 4.
The share of e-exports in Türkiye’s
overall goods exports was 0.91 percent
in 2022 and increased to 2.1 percent in
2023, Bolat noted.
In the first eight months of 2024,
e-exports surged by 94 percent
compared to the same period of the
previous year, reaching $4.16 billion
and its share in total goods exports
increased to 2.7 percent, according to
the minister.
“We aim for a total of $8 billion in
e-exports by the end of 2024. Thus, the
share of e-exports in total exports of
about $95 billion.
Şimşek explained that the improvement
in reserves is a reflection of the strong
confidence in the program.
«There is a lot of interest in the
program from both inside and outside.
Therefore, Türkiye has removed
the issue of reserves as a source of
concern,» he said.
E-exports
expected to reach
$8 billion this
year
goods will exceed 3 percent. Our goal
is to increase the share of e-exports in
total exports to 10 percent by 2028,”
Bolat said.
The global e-commerce volume grew
by 75 percent since 2019 to climb an
all-time high of $5.8 trillion by 2023
and it is expected to increase by 8
percent this year to reach $6.3 trillion,
according to the minister.
The share of e-commerce in Türkiye’s
gross domestic product (e-GDP) rose
by 33.3 percent in 2023 compared to
2022, capturing a share of 6.8 percent,
Bolat noted.
“Our e-GDP showed a real growth of
26 percent compound annual growth
rate between 2019 and 2023,” he said.
The share of e-commerce in overall
local trade increased from 4.8 percent
in 2019 to 21 percent last year, Bolat
said, noting that this increase was
partially due to the pandemic’s impact
on how trade was conducted.
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Economic Newspaper
4 Please mention
“Made in Türkiye” when writing to advertisers
October
2024
New medium-term
program sees 3.5
percent growth
this year
Continued From Page 1
«These targets aim to ensure that the
economy reaches its potential growth
capacity and achieves a stable growth
trend in the long term,» Yilmaz said,
stressing that the growth path aligns
with the disinflation course.
The GDP at current prices is expected
to increase to 44.2 trillion Turkish liras
($1.33 trillion) this year, up from 26.5
trillion ($1.13 trillion) last year, he said.
The program targets an 83.1 trillion liras
($1.77 trillion) GDP at current prices in
2027 and a $20,420 GDP per capita at
current prices, Yilmaz noted.
Stressing that the main objective of the
program is to ensure price stability,
Yilmaz said the government targets
to bring consumer inflation down to
17.5 percent in 2025 from a projected
inflation rate of 41.5 percent at the end
of 2024.
In the previous program, the inflation
targets for 2024 and 2025 were 33 percent
and 15.2 percent, respectively.
Türkiye›s new economic program
forecasts that inflation rate would fall
down to single digits, 9.7 percent in 2026
and 7 percent in 2027, he said.
According to the latest data from the
Turkish Statistical Institute (TÜİK),
Türkiye›s annual consumer inflation rate
eased to 51.97 percent in August, the
lowest since July 2023.
“The main macroeconomic projections
and targets set out in the economic
program, which we launched in
September last year have been met to
a great extent…This demonstrates the
effectiveness and predictability of our
program,” Yılmaz said.
According to the new program, the
budget deficit is projected to decrease
from 4.9 percent of GDP in 2024 to 3.1
percent in 2025. It is expected to further
shrink to 2.8 percent of national income
in 2026 and down to 2.5 percent in 2027.
Exports increase most to Australia, N Zealand in 8 months
Continued From Page 1
Shipments to Australia and New
Zealand amounted to $828 million in
the first eight months of 2024, a 0.5
percent share in Türkiye’s overall export
revenues.
South America came second with an
annual increase of 18.1 percent to $1.96
billion, according to a study by the Trade
Ministry on the geographical analysis of
export markets.
Exports to Asia rose 10.8 percent yearon-year
in the January-August period in
2024, the third highest increase, to $1.32
billion.
Europe absorbed 56.9 percent of
Türkiye’s exports in January-August. In
the first 8 months of 2024, the country’s
exports to European nations grew 2.5
percent annually to $97.2 billion.
The annualized exports to European
countries amounted to $146.3 billion as
of August.
The share of the Near and Middle East
region in exports was 16.8 percent, or
$28.7 billion, while Africa came third at
Continued From Page 1
The program also envisages streamlining
bureaucratic procedures to make
Türkiye›s entrepreneurial ecosystem
more appealing for early-stage and
scaling companies.
It aims to enable professionals and
entrepreneurs «to feel at home and make
long-term plans in Türkiye,» Industry
and Technology Minister Mehmet Fatih
Kacır said during the program›s launch
event at Istanbul Airport.
«The biggest beneficiaries of this
program will undoubtedly be Turkish
tech startups and our skilled workforce,»
Kacır said.
He described it as a comprehensive
initiative designed to build a strong
future for tech professionals and
innovative entrepreneurs in Türkiye,
highlighting the broad cooperation
between national and international
stakeholders to bring the program to
8.1 percent or $13.8 billion.
Asia and North America ranked fourth
and fifth at 7.9 percent ($13.55 billion)
and 6.8 percent ($11.65 billion) of
increases from a year ago, respectively.
The ministry said that exports to
countries with which Türkiye has a free
trade agreement surged 14.1 percent
year-on-year to $25.1 billion.
Exports to neighboring countries
increased by 10.8 percent to $22 billion.
Türkiye’s overall exports rose by 3.9
percent year-on-year in January-August
to $170.8 billion. The 12-month trailing
exports amounted to $262 billion as of
August.
life.
Kacır underlined that the world is
undergoing rapid transformation,
and technological advancements have
placed entrepreneurship at the heart of
the new global order.
He explained that high-value, innovative
tech startups are leading the way in
generating economic and societal value
through their potential for rapid growth
and global market expansion.
«Entrepreneurship is playing a
more crucial role than ever in the
development journeys of nations,»
Kacır said, pointing out that businesses
are increasingly investing in innovative
ventures to gain a competitive edge.
The program will also offer six months
of legal, financial and technical
consultancy to entrepreneurs
establishing companies in Türkiye.
The government aims to help foreign
entrepreneurs navigate Türkiye›s
Istanbul Airport once
again tops list of
busiest in Europe
Continued From Page 1
IGA Istanbul remained the busiest
airport in the week between Aug.
12 and Aug. 18, followed by Schipol
Airport in Amsterdam with 1,428
flights and and Paris Charles De
Gaulle Airport with 1,412 flights.
One of the most connected airports
worldwide, Istanbul Airport has
often been positioned at the very top
of the list by exceeding the figure of
1,400 in daily flights.
According to the report, one more
airport from Türkiye, namely
Antalya Airport also emerged
among the top 10 on the list. With
1,034 daily flights, the air hub in
the Mediterranean ranked seventh,
respectively, just behind London
Heathrow, Frankfurt and Madrid
Barajas.
Three of the top 10 airports (iGA
Istanbul, Antalya and Rome) are
currently handling traffic above
their 2019 levels, Eurocontrol said
in its European Aviation Overview
report.
The traffic at Istanbul Airport surged
15% compared to 2019 levels and by
3% at Antalya Airport, it said.
Both of the airports along with
Sabiha Gökçen International Airport
showed positive performance
throughout the first half of the year
as well, industry data suggested
earlier as the sector rebounded
following pandemic constraints.
Türkiye launches TechVisa program to attract foreign entrepreneurs
comprehensive public incentive
programs and expedite their integration
into the country›s growing tech
ecosystem, according to Kacır.
Kacır stressed that the Türkiye TechVisa
Program marks a significant step in
Türkiye›s ambition to become a global
technology center. He expressed
confidence that as the ecosystem
grows, more success stories will emerge
from the country, leading to faster
connections between startups, investors
and top talent.
Labor and Social Security Minister
Vedat Işıkhan, also speaking at the event,
highlighted the program›s accelerated
work permit procedures.
The permits are designed to meet the
needs of the fast-moving sector by
shortening bureaucratic processes,
Işıkhan noted. He emphasized the
program›s role in attracting highly
skilled foreign professionals and techdriven
entrepreneurs.
He also noted that while the program is
projected to attract international talent,
it is structured to prioritize and protect
Türkiye›s domestic workforce.
«We are issuing work permits for foreign
workers while maintaining a strong
focus on protecting local labor,» Işıkhan
said. «In cases where local labor supply
is insufficient, we will benefit from the
complementary effect of international
expertise.»

5 Economic Newspaper October
Please mention
“Made in Turkey” when writing to advertisers
2024
4 Turkish ports
rank among top
100 on Lloyd's list
Continued From Page 1
Ambarlı Port climbed in the ranking by 10 spots
from the 74th to the 64th place, the minister
said in a statement.
Meanwhile, Kocaeli Port, which ranked 89th
in the previous year, rose to 85th place, while
Mersin Port, which ranked 92nd, rose to 91st
place and Tekirdağ Port, which ranked 100th in
the previous list preserved its position.
In his remarks, Uraloğlu pointed out the
"remarkable success in Ambarlı Port's container
handling volume," explaining that the container
handling volume at the port rose in line with
the growth of Türkiye’s maritime trade in 2023,
reaching the highest level in nine years and
increasing by 10.6% compared to the previous
year.
As the country’s maritime trade gathered
pace, the number of containers handled in
Turkish ports increased by 1.5% compared to
the previous year and reached 12.6 million 20-
foot equivalent units (TEU) according to the
minister.
The highest amount of container handling
took place within the boundaries of Ambarlı
Regional Port Authority, Uraloğlu said.
In 2023, a total of 3.17 million TEU containers
were handled in the facilities operating within
the Ambarlı Regional Port Authority, he added.
Uraloğlu also noted that the amount of
container handling in the administrative area of ​
Kocaeli Regional Port Authority increased by
4.8% last year compared to the previous year.
"The amount of container handling in Kocaeli
Port Authority, which was 2.06 million TEU in
2022, reached 2.16 million TEU in 2023," he
stated.
Top ports on Llyod's lists were dominated by
Asian ports with China's Shanghai taking the
top spot, Singapore ranking second and Ningbo-
Zhoushan also in China being third.
Türkiye’s trade gap plunges on
exports rise amid import slump
Türkiye›s foreign trade deficit
decreased by almost 43% in August as
exports continued to rise amid a slump
in imports, official data showed.
The gap dropped to $4.99 billion, a
42.7% decline from $8.71 billion a year
ago, the Turkish Statistical Institute
(TurkStat) said.
That marks the lowest trade shortfall
on a monthly basis since October 2021.
In August, exports rose 2.3% year-overyear
to $22.05 billion, while imports
decreased 10.7% to $27.04 billion.
The fall in the trade gap reflects
progress in the government›s efforts to
curb current account deficit, one of the
nation›s most chronic problems.
Exports are among the priority areas
that the government is seeking to rely
on as they rebalance the economy›s
growth composition.
Türkiye managed to achieve the highest
August exports ever despite weak
external demand, said Trade Minister
Ömer Bolat.
Türkiye’s exports hit $22.5 billion in
August with an increase of 2.3 percent
compared to the same period of last
year, while the country’s imports
were down by 10.7 percent to $27.4
billion, according to provisional data
announced on Sept. 27.
In the January-August period of this
year, exports were $170.8 billion with
a 3.9 percent increase and imports
were at $225.7 billion with a 8.6
percent decrease compared to the
same period of last year, data produced
with the cooperation of the Turkish
Statistical Institute (TÜİK) and the
The main partner country for exports
during August was Germany, followed
by the U.K., U.S., Iraq and the United
Arab Emirates (UAE).
Excluding energy products and nonmonetary
gold, the foreign trade
shortfall was $302 million, the TurkStat
data said.
On a seasonally and calendar-adjusted
basis, both exports and imports grew
by 1.8% and 2.8% monthly in August.
Energy import bill declined by 0.5% to
$5.29 billion and accounted for 19.5%
of the overall import figures in August,
the data showed.
Crude oil imports saw a 7% decrease
to 2.64 million tons, compared to 2.85
million tons in August 2023.
Analyzing the economic sectors
contributing to total exports, products
from manufacturing industries
comprised 94.6%, while agriculture,
forestry, and fishing accounted for
3.1%, and mining and quarrying
contributed 1.7%.
Trade Ministry
showed.
Commenting
on the data,
Trade Minister
Ömer Bolat said
August saw the
highest-ever
monthly exports
for Türkiye.
“The increase in exports and the
decrease in imports will strengthen
our country›s macroeconomic stability,
help transform the composition of
growth to one based on net export
contribution, and contribute to our
efforts to reduce inflation,” Bolat said
in a written statement.
The minister also noted that the current
account deficit for the last 12 months
also narrowed to $19.1 billion in July
2024, a decrease of $37.9 billion from
$57.0 billion in May 2023.
The share of high-tech products in
manufacturing exports was recorded
at 3%, a decline of 17.7% year-overyear.
In contrast, the share of mediumhigh-tech
products increased by 4.7%,
reaching 36.7%.
Between January and August, the
foreign trade gap declined by 33.5%
from a year ago to $54.94 billion,
according to the data.
Exports rose by 2.3% in the first eight
months to $170.8 billion, while imports
fell by 8.6%, totaling $225.7 billion.
Bolat highlighted that the current
account deficit fell to $19.1 billion as
of July 2024, marking a $37.9 billion
improvement from the $57 billion level
seen in May 2023.
As part of its economic program,
Türkiye introduced measures to cap
strong domestic demand – one of the
main reasons for higher imports – and
to boost investments and exports to
improve the current account balance.
Flipping the chronic current account
“While strengthening our
competitiveness in global trade
through value-added and innovationoriented
production, we as the Trade
Ministry continue our efforts to ensure
‘sustainable export growth’ through
our export promotion programs, our
trade diplomacy activities abroad, our
missions abroad and our exporters who
are working hard to promote exports
even in the difficult global situation,”
Bolat added.
According to the data, exports,
excluding energy products and nonmonetary
gold, were $20.1 billion with
a 2.5 percent increase in August, while
imports, excluding energy products
and non-monetary gold, were $20.4
billion with a 5.6 decrease.
In August, the ratios of manufacturing
industries products, agriculture,
forestry and fishing, mining and
quarrying in total exports were 94.6
and trade deficits into surpluses
is high on the agenda since the
government started reversing years
of loose monetary policy after last
May›s presidential and parliamentary
elections.
Bolat emphasized that the rise in
exports and the drop in imports
have strengthened Türkiye›s
macroeconomic stability and shifted
the country›s growth model to one
based on net export contribution,
supporting efforts to reduce inflation.
Bolat said the export-to-import
coverage ratio rose by 10.3 points in
August 2024 to 81.5%, and the ratio
for the first eight months of the year
increased by 9.1 points to 75.7%.
Over the past 12 months, goods exports
have risen to a record high of $262
billion. Annualized imports decreased
by 8.3% to $340.7 billion.
The trade gap for the last 12 months
narrowed 33.6%, amounting to $78.7
billion, said Bolat.
Türkiye’s monthly exports at all-time high
percent, 3.1 percent and 1.7 percent,
respectively.
On the other hand, 69.6 percent of
imports were intermediate goods, 15
percent were consumption goods and
14.9 percent were capital goods.
The main partner country for August’s
exports was Germany with $1.67
billion. The country was followed by
the United States with $1.3 billion, the
United Kingdom with $1.2 billion, Iraq
with $1.1 billion and the UAE with $1
billion. The top five markets made up
29 percent of Türkiye’s total monthly
exports.
The top country for Türkiye›s imports
in August was China with $4.2 billion.
The country was followed by Russia
with $3.4 billion, Germany with $2
billion, the United States with $1.3
billion and Italy with $1.2 billion.

Economic Newspaper
6 Please mention
“Made in Türkiye” when writing to advertisers
October
2024
Çiftsan Label & Packaging proved its leadership in the
sector with 17 international awards
Çiftsan Etiket Ambalaj has reinforced its leadership in the global label and packaging industry with 17 awards won at Finat and World Label Awards,
while also standing out with its sustainable and innovative approaches. We had the opportunity to delve into the strategies and vision behind these
successes in an interview with Ebru YOLGUN, a board member of Çiftsan Etiket Ambalaj.
Could you inform us on the corporate
vision and mission of Çiftsan Label &
Packaging?
“As Çiftsan Label & Packaging, our vision
is to maximize customer satisfaction by
offering innovative solutions in the label
and packaging industry. Our goal is to
be a leader and pioneer in the sector by
adopting sustainable and environmentally
friendly production techniques. We
aim to become a recognized brand in the
global market by closely following technological
developments and offering quality
and aesthetic products.
Our mission is to provide quality, reliable
and innovative solutions by understanding
customer needs and expectations in
the best way. While operating within the
framework of ethical values, our company
attaches importance to the development
and happiness of its employees. It
also aims to contribute to a sustainable
future by adopting a socially and environmentally
sensitive approach.
In line with this vision and mission, our
company aims to strengthen its position
in the sector and grow by adopting the
principles of continuous development
and excellence.”
“WE WORK HARD WITH
DEDICATION”
What are the key factors behind these
significant international successes?
“The most important factor is actually
selfless hard work. I would like to underline
this in particular. My team and I
make very serious efforts for our projects.
I can say that we have put our signature
under important projects so far by
combining technology with knowledge.
Apart from that, if we need to list a few
important factors;
Innovation and Technology
We are a company that constantly adopts
the latest technologies and innovative
production techniques. This enables us to
offer our customers high quality, aesthetic
and functional products.
Quality Orientation
Çiftsan Label & Packaging always aims to
keep the quality of its products at the highest
level. It attaches great importance to
quality control processes and produces in
accordance with international standards.
Customer Satisfaction
Our company’s primary goal is to understand
the needs and expectations of
customers in the best way possible and
to offer them appropriate solutions. We
work on continuous improvement in line
with customer feedback.
Sustainability and Environmental
Sensitivity
Çiftsan Label & Packaging adopts environmentally
friendly production techniques
and works by adhering to sustainability
principles. This contributes to
both reducing environmental impact and
increasing brand reputation.
Global Marketing Strategies
Our company implements effective and
targeted marketing strategies in the international
market. It increases its global
visibility through fairs, events and digital
marketing channels.
Trained and Competent Staff
Çiftsan Label & Packaging works with a
team that is specialized in its field and
improves itself with continuous training.
Employee motivation and competencies
play an important role in the success of
the company.
Innovation Culture
Our company encourages its employees
and business partners to innovate. New
ideas and projects are constantly evaluated
and implemented. In this way, we
have had many projects in the sector.
Many printing techniques currently used
are the first printing techniques applied
by our company. This is a prime example
of the value we attach to innovation.
Strong R&D Activities
Investments in research and development
activities enable the company to
maintain its competitive advantage. By
developing new products and solutions,
we are able to respond quickly to market
needs.
I can say that these key factors form the
basis of Çiftsan Label & Packaging’s international
success.”
“WE ANALYZE CUSTOMERS’
NEEDS IN DEPTH”
How is Çiftsan Label & Packaging’s
customer-oriented approach and
innovative approach shaped?
“Çiftsan Label & Packaging’s customer-oriented
approach and innovative approach
is shaped by a few basic principles and
practices.
Understanding Customer Needs
Çiftsan Label & Packaging analyzes the
needs and expectations of its customers
in depth. Customer feedback and market
research shape product development and
service strategies.
Personalized Solutions
Our company offers tailor-made solutions
for each customer. Customized label
and packaging solutions are developed
in accordance with the sectoral needs of
customers.
Fast and Effective Communication
It aims to respond quickly and effectively
to customer requests. Communication
channels are kept open and customer
support service units are constantly accessible.
Quality Guarantee
Providing customers with products of
high quality standards, increasing reliability
and customer satisfaction. Quality
control processes ensure that products
are of consistently high standards.
After Sales Support
By providing after-sales support services,
potential problems experienced by customers
are quickly resolved and long-term
customer relationships are strengthened.
Technology and R&D Investments
Çiftsan Label & Packaging constantly follows
the latest technologies and production
methods. Its investments in R&D
activities enable the development of innovative
products and solutions.
Product Development Processes
Different and innovative processes are
used to develop new products and services.
New ideas are constantly tested and
implemented, taking into account customer
feedback and market trends.
Sustainability and Environmentally
Friendly Innovation
Çiftsan Label & Packaging supports
sustainability by using environmentally
friendly materials and production processes.
This allows both to reduce environmental
impacts and to offer innovative
and sustainable products.
Training and Development
By offering continuous training and development
opportunities to its employees,
it ensures that innovative ideas and
practices are embedded in the company.
Training programs support teams to
adapt to new technologies and methods.
Adapting to Market Trends
Continuously follows market trends and
customer expectations. Using this information,
it develops innovative strategies
for the future of the industry.
This customer-oriented approach and
innovative approach helps Çiftsan Label
& Packaging maintain its competitive advantage
in the sector and offer valuable
solutions to its customers.”
“WE REINFORCE OUR LEADERSHIP
IN THE INDUSTRY”
Could you share with us your feelings
about the 17 awards you won at Finat
and World Label Awards? What do these
awards mean for your company and
your place in the sector?
“As Çiftsan Label & Packaging, we are
proud and happy to win 17 awards in
prestigious platforms such as Finat and
World Label Awards. These achievements
are the result of the hard work,
determination and innovative approach
of our entire team. Each award honors us
as an indicator of the quality service we
offer to our customers and the international
appreciation of our products.
These awards not only confirm that the
quality of our products and our innovative
approach meet international standards,
but also reassure our customers and
reinforce our leadership in our sector.
In addition to being a great source of motivation
for our team, these awards also
inspire us to achieve even greater goals.
As a team, it increases our determination
to deliver innovative and high quality
products in the future.
Prestigious awards such as Finat and
World Label Awards not only increase
our international recognition, but also
enable us to reach a wider audience in the
global market and strengthen our brand
value.
These awards increase the trust of our
existing and potential customers in our
company and reassure them as a tangible
proof of our commitment to quality and
excellence.
What these awards mean for our position
in the industry;
The awards we win reinforce our leadership
and competitive advantage in the
sector. These achievements also serve as
a reference point for other companies in
the sector.
The awards confirm our leadership in
innovative solutions and the use of advanced
technology. We also play a role in
popularizing innovative practices in the
sector.
We also contribute to raising quality and
innovation standards across the industry.
This has a positive impact on the development
of the industry in general.
As Çiftsan Label & Packaging, we will
continue our customer-oriented and
innovative work in the future with the
strength of these important achievements.
Our goal is to further consolidate
our position in the sector and achieve
greater success in the international arena.”
“WE ADOPT ENERGY-SAVING
TECHNIQUES”
Which features and innovative approaches
stand out in your award-winning
label and packaging designs?
“We can list the most important features
that stand out in our award-winning projects
as follows;
Design and Aesthetics:
With visual appeal, our designs have high
aesthetic standards and ensure that the
products attract attention on the shelves,
and each design includes unique and different
elements that reflect the identity of
the brand.
Sustainability:
The raw materials we use in our projects
are recyclable as much as possible. Energy-saving
techniques are also adopted in
production processes.
High Technology and Innovation:
Innovative printing techniques such as
digital printing, embossed screen printing
and the use of special inks are used
with the world’s most advanced technologies.
Safety and Protection:
Labels produced using special dyes for
security purposes are printing techniques
used to protect the original products.”
“AWARDS ARE AN INDICATOR
OF OUR SUCCESS”
How do your customers evaluate these
designs?
“I can say that our customers are pleased
that their products are presented with
high quality and aesthetic looking labels
and packaging. This increases customer
loyalty. We frequently receive feedback
that our award-winning designs strengthen
the image of their brands and make a
difference in the market.
These special designs, which have achieved
success, increase the awareness of
our customers’ brands at national and
international level and help them reach a
wide customer base.
As Çiftsan Label & Packaging, we continue
to develop innovative and different
approaches to exceed our customers’ expectations
and offer them the best solutions.
These awards are an indicator of our
success and reinforce our determination
to provide the same quality service in the
future.”
“TURKISH LABEL AND PACKA-
GING INDUSTRY HAS INCREASED
ITS PRODUCTION QUALITY IN
RECENT YEARS”
How was your interaction with other
international participants at the award
ceremony in Athens? How do you
evaluate the position of the Turkish
label and packaging industry in the
international arena?
“At the award ceremony in Athens, we
had the opportunity to meet and network
with industry professionals from all
over the world. This was an important
ground for both exchanging information
and possible collaborations. We had
the opportunity to share our sectoral
experiences with other participants. We
exchanged information on production
processes, innovative technologies and
sustainability.
We also had culturally enriching interactions
with participants from different
countries. This helped us understand
different perspectives in the global market
and improve our adaptability. We
had discussions with some international
companies about potential future projects
to work together. Such partnerships
can be important steps in strengthening
our presence in the global market.
In recent years, the Turkish label and
packaging industry has significantly improved
its production quality by closely
following technological developments.
This has brought our competitiveness to
a higher level in the international arena.
By developing innovative and environmentally
friendly solutions, companies
in the sector are catching up with global
trends and leading the way in this field.
Steps towards sustainability create a positive
image in the international market.
The awards won at prestigious platforms
such as Finat and World Label Awards
show how successful Turkish companies
are in the international arena. These achievements
are also a source of motivation
for other companies in the sector.
The Turkish label and packaging sector
has a strong presence in the global market.
This wide market network contributes
to the growth and international recognition
of companies in the sector.
Companies in the sector have an educated
and experienced workforce. This
both improves the quality of production
processes and facilitates the realization of
innovative projects.
In this context, I believe that the Turkish
label and packaging industry has the
potential to grow further in the international
arena. Following technological
developments, sustainability-oriented
production and increasing global collaborations
will be the key to this growth.
As Çiftsan Label & Packaging family, we
will continue our efforts to maintain our
leadership in the sector and achieve greater
success in the international arena.”

Economic Newspaper
8 Please mention
“Made in Türkiye” when writing to advertisers
October
2024
Türkiye offers a series of challenging investment
opportunities in line with the “Invest in Türkiye” program
Continued From Page 1
“This shows the interest in the Turkish
economy. The fact that this interest
increased significantly compared to the
previous year shows that we are on the
right track,” Şimşek said.
Şimşek traveled to Kuwait for talks with
officials, including Finance Minister
and Nura Suleiman al-Fassam and CEO
of the Kuwait Investment Authority
Ghanem Suleiman al-Ghenaiman.
Şimşek was also scheduled to attend
an investors meeting in Kuwait before
heading back to Türkiye.
Türkiye's policy turnaround has reduced
economic imbalances and revived
confidence, the International Monetary
Fund (IMF) said as it concluded an
Article IV consultation. Headline
inflation has fallen as tighter financial
conditions are weighing on domestic
demand, the IMF said.
"Market sentiment has sharply
improved, with domestic and foreign
investors shifting into lira-denominated
assets while lower commodity prices,
buoyant exports and reduced gold
imports have strengthened the
current account, supporting a large
improvement in both the gross and net
reserves position," it further noted.
Türkiye has been implementing a tight
monetary and fiscal policy since last year
to address some of its key imbalances,
including the current account deficit
and foreign exchange reserves, and to
curb inflation.
The fund in the statement said that "a
decisive shift" in economic policies over
the past year has tightened Türkiye’s
overall policy stance, adding that the
Central Bank of the Republic of Türkiye
(CBRT) "has brought the ex ante real
policy rate into positive territory while
reducing regulatory complexity."
The Turkish central bank lifted its key
rate by 4,150 basis points since last June
to contain elevated inflation, which in
September dove below its policy rate for
the first time since 2021.
The annual inflation rate dipped to
49.4% last month from nearly 52% in
August and sharply when compared to
75.45% in May. Apart from the Turkish
central bank hiking the rates to 50%
from 8.5%, the government raised
taxes and some fees to boost income,
while implementing fiscal measures to
balance risks in the economy.
Under the authorities’ "gradual policy
adjustment," inflation is expected to
further decline, the IMF said, projecting
that "contractionary ex ante real policy
rates, moderating wage growth, and
more contractionary fiscal policy in
2025 are expected to reduce inflation to
43% this year and 24% in end-2025."
"Disinflation and improved confidence
will support a narrowing of the current
account deficit to about 2% of GDP
(gross domestic product) and reserves
to around 100% of the IMF’s adequacy
metric," it also said.
The fund expects the Turkish economy
to expand by 3% this year and 2.7%
in 2025, while it sees the growth rate
recovering toward 4% in the medium
term.
Moreover, the fund said that tax and
expenditure measures "underpin
efforts to restore fiscal prudence and
the commitment to stronger incomes
policies has strengthened credibility."
It also noted that the country's credit
default swaps (CDS) spreads are now "at
about half their mid-2023 levels." Risks
around the baseline are significant and
"tilted to the downside," the fund said.
The International Monetary Fund
called for continued tight, data-driven
monetary policy in Türkiye "until
inflation converges to target" as they
commended the authorities for the
decisive policy tightening since mid-
2023.
"Directors called for continued tight,
data-dependent monetary policy until
inflation converges to target levels.
They agreed that the central bank
should stand ready to tighten further
if needed to ensure that the path of
disinflation stays on track," the IMF
said. The Turkish central bank held rates
steady since March and according to
recent polls is expected to maintain the
current rate unchanged at the upcoming
meeting.
The bank in its September committee
meeting reiterated that "it remains
highly attentive to inflation risks."
"The tight monetary stance will be
maintained until a significant and
sustained decline in the underlying
trend of monthly inflation is observed,
and inflation expectations converge to
the projected forecast range," it said.
The Turkish packaging industry
prospers more than ever
Continued From Page 1
In addition, new packaging formats are
improved according to the quality, size and
appeal of products. Growth in population
and living standards, rapid urbanization,
diversification of consumer goods, nd
increase in exports – mainly in consumer
products, have all resulted in higher
demand for packaging products.
The Turkish packaging industry has grown
rapidly over the past 15 years and has
now become a huge sector. The growth
of the sector reflects changing shopping
habits, particularly in large cities, due to
the presence of supermarkets, department
stores and hypermarkets. Increased
advertisement of consumer products,
attractive point-of-purchase packaging and
the boom in sales of canned and frozen
food, apparel, and disposable medical
supplies, all of which require specialty
packaging, and especially the increase in
exports are other factors for the expansion
of the packaging sector.
Packaging consumption in Türkiye has
increased rapidly following the world
trends. As the retail market has expanded
rapidly, the sales of packaged products
to the final consumer has increased. This
development has resulted in intensive
studies on packaging forms and more
rational packaging. In the last five years,
the average growth rate of the Turkish
packaging industry has been 6% per year,
and it is estimated to remain the same in
the coming years.
Türkiye produces all types of packaging
materials and products such as paper,
cardboard, wrapping film, tape, plastics,
glass, metal and wood. The need to arrange
the product for packaging according
to its physical and chemical properties
has led to different ways of utilizing the
main materials by processing them with
new technologies. In other words, the
flexibility of the materials has increased
with regard to protection capabilities and
shelf life. There are about 3000 companies
manufacturing various packaging materials
in Türkiye. Most of the companies are
medium and small sized companies, but
there are also a few large companies.
Around fifty packaging manufacturers
are among the largest 1000 companies in
Türkiye. The companies in the sector show
very good performance in terms of quality
and production capacity. Companies in
the packaging industry are mostly located
in Istanbul, Izmir, Bursa, Ankara, Konya,
Kocaeli, Gaziantep, Adana, Kayseri and
Manisa. The packaging sector is wellorganized
under the Exporters’ Unions and
sectoral associations.
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9 Economic Newspaper October
Please mention
“Made in Turkey” when writing to advertisers
2024
The Eurasia Packaging Istanbul Fair attracts great interest as usual
Continued From Page 1
While increasing number of companies
attending the exhibition has led to the
enlargement of the exhibition area. The
exhibition that is the first and the top
among the exhibitions that are held
every year in Eurasia region, is the main
platform that reflects the most current
and comprehensive situation of the
Turkish Packaging Industry.
The event will be co-locating with the
18th Food-Tech Eurasia, a significant
stakeholder in the packaging industry,
focusing on food and beverage
production and processing technologies.
Eurasia Packaging Istanbul Fair,
renowned as the region’s most prominent
commercial platform, will once
again feature tailored-made turnkey
packaging solutions ranging from
packaging products, packaging and
food machinery, along with printing and
converting technologies. Turkish and
international brands will showcase their
latest innovations during this four-day
event, which will be held simultaneously
with the Food-Tech Eurasia Fair.
This year’s fair will draw industry
professionals from a wide range of sectors,
including food and non-food industries,
cosmetics, textiles, e-commerce, and
furniture. It will serve as an effective
commercial platform, highlighting the
sector’s strengths, innovative capabilities,
and commitment to sustainability,
attracting tens of thousands of visitors
from both Türkiye and abroad.
A Gateway to International Markets
Located at the crossroads of various
regional economies, Istanbul offers
a strategic advantage for companies
looking to expand their trade volumes
and enhance their brand visibility. The
fair will provide a unique opportunity for
exhibitors to connect with buyers from a
diverse array of industries across Central
and Western Europe, the Balkans,
Russia, the Caucasus, Central Asia, the
Middle East, and Africa. With over 1,200
local and international companies and
company representatives, the fair will
span 14 halls and cover an area of 120,000
square meters.
Strong Support to the Fair
The 29th Istanbul Eurasia Packaging
Fair is organized by RX Tüyap in
collaboration with the Turkish Packaging
Manufacturers Association (ASD) and
is supported by several key industry
associations. Notable supporters include
the Ministry of Commerce of the Republic
of Türkiye, the Packaging Machinery
Producers Association (AMD), the Label
Manufacturers Association (ESD), the
Flexible Packaging Industry Association
(FASD), the Carton Packaging
Manufacturers Association (KASAD), the
Metal Packaging Industries Association
(MASD), the Corrugated Cardboard
Industrial Association (OMÜD), and the
Rigid Plastic Packaging Manufacturers
Association (SEPA).
Following a successful 2023 event
that welcomed visitors from over 120
countries, this year’s fair is expected to
attract tens of thousands of professionals
from across the globe, including over
16,000 international visitors. With more
than 1,200 companies and company
representatives set to participate, the
event aims to exceed last year’s attendance
of 90,000 visitors.
Concurrent Event: Food-Tech Eurasia
Running concurrently with the Eurasia
Packaging Fair, the 18th Food-Tech
Eurasia Fair will provide insights into the
latest developments in food and beverage
processing technologies. As a key event
for the food and beverage processing
industry, and a crucial stakeholder in the
packaging sector, Food-Tech Eurasia is
the go-to event for those seeking reliable
suppliers and solution partners.
The fair will feature a wide array of
machinery and equipment solutions,
including those for chocolate,
confectionery, and pastry production,
meat and dairy technologies, cold chain
and storage equipment, food safety,
processing and filling technologies,
packaging production, and logistics
solutions. Attendees will have the
opportunity to explore the latest trends in
food and beverage technology, innovative
solutions, sustainable practices, and
turnkey solutions in food safety.
A Highlight of the Fair: Packaging
Design and Innovation Street
The Istanbul Eurasia Packaging Fair
will not only showcase a wide range of
packaging products, from traditional
to innovative packaging, but also
introduce the Packaging Design and
Innovation Street. Located in the Foyer
of Halls 3 and 4, this special section will
feature innovative startups presenting
effective, and sustainable packaging
designs tailored to various industries,
including food, textiles, automotive, and
e-commerce. Industry representatives
seeking cutting-edge packaging solutions
will find the latest trends and designs in
this dedicated area.

Economic Newspaper
10 Please mention
“Made in Türkiye” when writing to advertisers
October
2024
Türkiye secures $2.3B
from abroad to fund
SMEs, exporters
RECEP ARSLANTAŞ
COORDINATOR
recep.arslantas@img.com.tr
Labeling and
Packaging
Brands are keen to provide a
complete experience to their
customers based on the data
they gather by closely monitoring
changes in consumer habits.
When purchasing a product,
consumers compare brands
to choose the one that best suits
their needs. In this process, it
is crucial for the product to be
labeled accurately and understandably.
Presenting product
information on a clear and high-quality
label allows customers
to quickly obtain information
about the product, playing a
significant role in their purchasing
decisions.
Additionally, products with high-quality
packaging stand out
more prominently among other
brands. Manufacturers that prioritize
quality packaging manage
to be noticed and engrave
their brand quality in consumers’
memories. Therefore, labeling
and packaging are critical
factors that enhance a product’s
competitive edge in the market.
See you in the December 2024
issue of Beauty Türkiye magazine.
Türkiye records highest current
account surplus in 5 years
Continued From Page 1
The current account is the most complete
measure of trade because it includes
investment flows and trade in merchandise
and services. A deficit means
Türkiye is consuming more from overseas
than it is selling abroad.
Excluding gold and energy, the balance
registered a net surplus of $9 billion in
August, the central bank data showed.
The goods deficit was at $2.9 billion,
while services posted net inflows of
$8.7 billion; under services, tourism
saw a net inflow of $6.8 billion.
Primary income recorded a net outflow
of around $1.5 billion and secondary
income saw net inflows of $14
million.
Direct investments recorded net inflows
of $62 million in August, the data
showed. Between January and August,
the current account balance registered
a deficit of $9.6 billion
The 12-month rolling gap has maintained
a narrowing trend to $11.3 billion,
translating into around 0.9% of GDP,
from $15.1 billion a month ago.
That marked the lowest annual reading
since the end of 2021 and a sharp decline
of $44.4 billion since May 2023,
said Treasury and Finance Minister
Mehmet Şimşek.
Şimşek said portfolio inflows amounted
to $24.9 billion in the first eight
months, while banks and the real sector
posted foreign debt rollover ratios
of 167% and 132%, respectively.
“The reduction in the current account
deficit and strong external financing
is strengthening our macro-financial
stability and bolstering the resilience
of our economy,” the minister wrote
on social media platform X.
Also evaluating the data, Vice President
Cevdet Yılmaz said the decrease
in the current account deficit is reinforcing
macro-financial stability and
contributing to the disinflation process.
“With improvements in the trade balance
and support from the services
sector, the positive trend in the current
account balance persisted through August
2024,” Yılmaz wrote on X. “The
positive results we are seeing in macroeconomic
and financial indicators
reflect the effectiveness of our economic
program,” he noted.
“We expect a reduction in the current
account deficit, driven by improvements
in the trade balance and increasing
services revenues, to continue
and to comfortably achieve our medium-term
program target of 1.7% of
national income by the end of 2024.”
Continued From Page 1
Series of interest rate hikes by the central bank have
helped initiate a downward trend in inflation but also
made borrowing expensive for consumers and businesses.
Şimşek said the government is working on measures to
enhance the competitiveness of certain sectors affected
by the ongoing disinflation process.
Türkiye’s annual inflation eased to 49.38% in September,
yet a sharp monthly increase of nearly 3% – well
above expectations – prompted caution from the central
bank and tempered hopes for early rate cuts.
At 50%, the Central Bank of the Republic of Türkiye’s
(CBRT) policy rate is now higher than the annual consumer
price index (CPI) for the first time since 2021,
marking a milestone in an aggressive tightening cycle
meant to curb inflation.
“The funding will help businesses implement investment
projects while also accelerating projects prioritizing
sustainability within the framework of green transformation,”
said Şimşek.
Şimşek also noted the ongoing efforts to mitigate the
challenges caused by last year’s devastating earthquakes
and to provide financial support to businesses outside
the southeastern quake zone.
According to Şimşek, around $1 billion has been allocated
through Türk Eximbank to support exporters
with green export and infrastructure projects, as well as
working capital needs. Additionally, approximately $1.3
billion has been secured through development banks to
provide further support to SMEs.
“This financial support will be used for projects related
to food security and the rebuilding of economic
activity in the earthquake-affected regions. It will also
be utilized to finance international trade, emissions
reduction investments across the country and energy
production and storage projects aimed at meeting the
private sector’s internal consumption needs,” said the
minister.
Şimşek reaffirmed the government’s ongoing support
for SMEs, noting that the private sector has already
begun utilizing the funds and that disbursements will
continue.
“We stand by our SMEs at all times. Our close cooperation
with international organizations remains strong,
and we will continue to work towards securing longterm,
favorable loans to support the real economy,” he
noted.