Mehmet Muş

Foreign trade transactions made in Turkish Liras have been on the rise, reaching 34.2 billion liras in August, data from the Trade Ministry show.

Last month, exports in local currency grew 109 percent on an annual basis to 10.4 billion liras, while imports climbed from only 8.2 billion liras in August 2021 to 23.8 billion liras.

The Economy Coordination Board, chaired by Vice President Fuat Oktay, convened on Aug. 30 to discuss the specifics of the medium-term program, covering 2023-2025.

Members of the board discussed the macroeconomic framework and the budget, said a statement released after the meeting.

The government aims to strengthen trade with public and private sector investments, Trade Minister Mehmet Muş has said, noting that Türkiye has been constantly increasing its share of the global exports.

A regulation imposing restrictions on the sale of second-hand cars to rein in a surge in vehicle prices has been published in the Official Gazette.

According to the new rules, those who engage in the trade of second-hand cars will not be able to sell their vehicle for six months from the first date of registration of the vehicle or until the car covers at least 6,000 kilometers.

The sale of second-hand cars on online trading platforms has increased significantly after Trade Minister Mehmet Muş announced plans to impose a cap on car sales.

The number of advertisements placed for 2022-model cars rose by 30 percent between Aug. 10, when the minister made the announcement, and Aug. 13, according to data from Cardata.

Some restrictions will be introduced for car sales to arrest the increase in car prices, Trade Minister Mehmet Muş has said, noting the respective regulation is ready.

Under the new regulation, companies, car rental firms, and car dealers will have to wait for a period of time to sell new cars they have bought, he added.

Türkiye increased its exports by 13.4 percent on an annual basis to $18.6 billion in July, preliminary data from the Trade Ministry showed on Aug. 3.

Imports grew nearly 41 percent to $29.1 billion. Consequently, the country's foreign trade deficit widened by 145 percent year-on-year last month to $10.6 billion.

Türkiye is a big growth boom waiting to happen, said Robin Brooks, chief economist at the Institute of International Finance (IIF).

Türkiye is seeking to increase its exports to the world's largest economies with a specially tailored "distant countries strategy," Trade Minister Mehmet Muş has said.

With the support the government provided to the sector, revenues from health tourism may increase to $5 billion in the short-term and rise further to $10 million in the medium-term, Trade Minister Mehmet Muş has said.