Trade deficit to be lowered to sustainable level: Bolat
TÜRKİYE aims to reduce its foreign trade deficit to a sustainable level, the country’s top economy official said recently, highlighting the export figure goals for the upcoming years and stressing the importance of trade relations with Saudi Arabia.
“We want to realize our goal of the ‘Century of Türkiye’ as ‘the century of trade’ in the country’s foreign trade,” Trade Minister Ömer Bolat told an interview with Anadolu Agency (AA) during his visit to Riyadh.
He said they aim to increase the country’s exports to $267 billion (TL 8.47 trillion) this year and to $302 billion in 2026.
Bolat and his Saudi counterpart, Majid al-Qasabi, as well as many businesspeople, attended the opening of the Turkish Export Products Trade Fair at the 27th International Business Forum launched in the Saudi capital on Monday.
Bolat mentioned that they attach great importance to strengthening Türkiye-Saudi Arabia trade and economic cooperation and that the ongoing bilateral relations have been on an upward trend, with “tremendous” progress made in the last two years.
He noted that exports to Saudi Arabia soared 150% year-over-year in 2023, reaching $2.62 billion, and the first two months of 2024 saw exports increase more than 50%.
Bolat said the bilateral trade volume target is $10 billion in the medium term and $30 billion in the long term, as the figure stands at $6.8 billion in 2023.
He stressed that this year will be very good in terms of bilateral trade relations, adding that 2025 will be a “golden year” in bilateral relations.
TURKISH-SAUDI TRADE
Bolat said bilateral trade cooperation would develop with the determination and strong will of the leaders of Türkiye and Saudi Arabia.
He underlined that companies and businesspeople are encouraged to be in closer contact to ensure that productive cooperation can be sustained, as both Turkish and Saudi business worlds should come together on various platforms to expand mutual business and investment opportunities.
“From now on, with the quality and competitive power of the Turkish industry, the services, contracting, transportation, tourism and agriculture sectors, hopefully, our mutual trade in this region will reach much higher figures,” he said.
EXPORTS TARGET
Bolat said they aim to increase Türkiye’s exports to $267 billion this year and to $302 billion in 2026.
“We’re determined to reduce Türkiye’s deficits in foreign trade and commercial transactions to sustainable, reasonable levels,” he stressed.
“We’ve already broken export records every month since (last) June, and our imports declined since August (2023), with foreign trade deficit also going down,” Bolat added.
Bolat also said he held bilateral meetings with almost half of the Saudi Cabinet, including his Saudi counterpart AlQasabi, during his two-day visit.
“Saudi Arabia is embarking on a huge investment drive for the next 10 years, as they have plans for 2030 since they will also host the World Expo in 2030 and the World Cup in 2034,” he said.
“My Saudi counterparts said they will invest $3.3 trillion in total with their vision for 2030, which includes investments in construction, infrastructure, superstructure, energy, industry and tourism sectors. ‘Our doors are open to Turkish companies,’ they said, as Türkiye reassures them with strong economy and leadership, with Türkiye’s quality and competitive success in the services and industrial sectors,” he added.
Bolat noted that Türkiye has a bright future in foreign trade as it will work toward this goal with the country’s capabilities to improve the welfare of its people and bring about the development and strengthening of the country.