Trade Ministry

Harsher fines are being considered for stockpiling and exorbitant prices, Trade Minister Ömer Bolat has unveiled, noting that respective legislation will be submitted to parliament.

"We have completed our work as part of the efforts to fight excessive price increases. Soon we will forward it to parliament," Bolat said in an interview with private broadcaster CNN Türk.

Turkish contractors undertook 40 projects worth a total of $4.27 billion in foreign countries in the first three months of 2024, data from the Trade Ministry have shown. 

The average contract size of those projects was $107 million, up from $64.9 million in 2023.

Türkiye's main exporters' association has voiced support for the government's decision to impose trade restrictions on Israel over the war in Gaza.

"We stand by our state in any sanction when the national interests of our country require it and to end humanitarian tragedies," the Türkiye Exporters' Assembly (TİM) said in a statement on social media platform X.

Türkiye's health tourism revenues increased from $1.9 billion in 2022 to $2.3 billion last year, the Trade Ministry has said.

Türkiye, with its internationally accepted accredited 40 health institutions, ranked seventh in global health tourism, according to the statement the ministry issued.

Türkiye has said it will impose trade restrictions on Israel starting April 9 over the war in Gaza, covering a range of products including cement, steel and iron construction materials.

The new measures come a day after Türkiye said Israel had blocked its attempt to airdrop aid to Gaza.

The Trade Ministry has imposed hefty fines on several restaurants and cafes over adding service charges without visibly displaying them on price lists and informing customers.

Türkiye's current account deficit this year will be significantly lower than the initially forecast, Treasury and Finance Minister Mehmet Şimşek has said.

The improvement in annualized foreign trade deficit continued in March, Şimşek wrote on the social media platform X on April 5, commenting on the latest trade data.

Türkiye's exports fell by 4.1 percent to $22.6 billion, while the annual decline in imports was 5.7 percent to $30.1 billion in March, data from the Trade Ministry has shown.

Consequently, the country's foreign trade deficit came in at $7.5 billion last month, shrinking by 10.3 percent from March 2023.

Security authorities seized 850 kilograms of heroin at the Habur Customs Gate on the southeastern border of Türkiye with Iraq, marking the highest quantity of heroin ever seized in a single operation at border crossings, the Trade Ministry has announced.

The Trade Ministry has announced that it will provide support to promote Turkish salmon and tea within the scope of the "Turquality Support" project.

According to a statement from the Eastern Black Sea Exporters Association (DKİB), the projects prepared by DKİB for the promotion of Turkish salmon and tea have been endorsed by the ministry.