Ankara: Trkiye's Trade Minister Omer Bolat on Saturday announced that the nation reached a historic $25 billion in exports for the month of July. This achievement marks the highest monthly export figure ever recorded, surpassing previous records for both July and cumulative 12-month export volumes.

According to Anadolu Agency, Bolat highlighted a positive trend in the country's trade metrics, noting a deceleration in monthly import growth and a significant reduction in the foreign trade deficit for July compared to the same month last year and June. The export-to-import coverage ratio also showed improvement, indicating a strengthening economic position.

Bolat described July as a 'legendary month,' with six major achievements rolled into one. The export figure rose to $25 billion, an increase of $2.5 billion or 11% from $22.5 billion in July of the previous year. This growth contributed an additional $2.5 billion to Trkiye's 12-month cumulative exports. The minister also noted a $4.5 billion increase in exports compared to June, with a new target of $26 billion in monthly exports.

The minister emphasized that these extraordinary efforts are aiding the rebalancing and stabilization of Trkiye's economy. Imports for July increased by 5.4% to $31.4 billion, maintaining a stable and reasonable level. The foreign trade deficit decreased to $6.4 billion, a 12% reduction from $7.3 billion in July 2024, marking the smallest deficit in nine months.

Bolat also touched on services exports, which reached $106 billion in 2023 and $115 billion in 2024, with a goal of $121 billion set for 2025. He mentioned that recent global conflicts have disrupted global trade, growth, and commodity prices, including energy and gold.

Despite regional instability, Bolat stressed that under the leadership of the president, Trkiye maintains its strong rise as a pillar of stability across various sectors, including the economy, foreign policy, defense, transportation, and energy. He also mentioned Trkiye's ongoing trade diplomacy through multilateral, bilateral, regional, and global agreements.

Progress with the European Commission was noted, with 14 trade barriers removed and nine to ten remaining. Bolat emphasized the goal to modernize the Customs Union, highlighting a directive for granting longer-term visas to Turkish citizens who have previously traveled to the EU and returned regularly.