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Polish CPI picks up growth to 2.4% y/y in April, flash estimate shows
2 hours ago
Turkey’s foreign trade deficit widened by 85% y/y to reach $4.4bn in September, preliminary data from the customs and trade ministry showed on October 2.
Exports rose by 9% y/y to $11.85bn and imports were up 31% y/y to stand at $20bn in the month.
The country’s exports increased by 11% y/y to $115bn across January-September while imports rose 16% y/y to $169bn, leading to a 9-month foreign trade deficit of $54bn, a 28% y/y increase.
In 2016, the deficit widened nearly 12% to stand at $56bn. The government is forecasting a gap of $65.5bn for this year with exports reaching $157bn and imports amounting to $222bn. Its export and import forecasts for 2018 stand at $169bn and $237bn, respectively.
“Despite the very competitive lira, the trade/current account positions continue to deteriorate, and this means a larger external financing requirement and underlying pressure on the lira,” Timothy Ash, senior sovereign strategist at BlueBay Asset Management, wrote in a note to investors on September 29.
“But at [the current] exchange rate, Turkey's trade performance should be much better. Guess this reflects the fact that in the post-[attempted] coup period the various anti-crisis measures focused on stimulating domestic demand,” said Ash.
Turkey's current account deficit rose to $5.1bn in July from $3.8bn in June.
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