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Turkey's trade deficit narrows 13% in October and drop in imports slows BNN Bloomberg

Turkey's trade deficit narrows 13% in October and drop in imports slows BNN Bloomberg

 


(Bloomberg) — Turkey recorded a trade deficit of $5.75 billion in October, a further decline that suggests economic rebalancing remains on track. The decline in imports was the slowest in six months, reflecting the relative strength of the Turkish lira.

Exports last month rose 3.6% from a year earlier to $23.6 billion, while imports fell 0.2% to $29.4 billion, data showed published Saturday by the Ministry of Commerce. These figures bring the ten-month trade deficit to $65.6 billion, a decline of more than 30% compared to the same period the previous year. Ten-month exports stood at $216.4 billion, compared to the government's estimate of $264 billion for the full year.

The strong measures we have taken to boost exports and reduce imports continue to bear fruit, Trade Minister Omer Bolat said in an article on first months of the year was less than $10 billion, down from $10 billion. nearly $39 billion over the same period of 2023.

The top destination for turkey exports was Germany in October, with $1.81 billion. China was the top exporter to Turkey, with $4.24 billion, followed by Russia with $3.06 billion.

After his re-election last year, President Recep Tayyip Erdogan made a radical change from his previous policy of low interest rates at all costs. Led by Treasury and Finance Minister Mehmet Simsek, a former Merrill Lynch bond strategist, authorities significantly tightened monetary conditions while promising that the lira would appreciate in real terms to control inflation, a policy that has attracted capital flows.

Sterling has weakened 14% against the dollar this year, the fourth worst-performing currency in emerging markets, according to data compiled by Bloomberg. The move, however, is not as drastic as annual domestic inflation, which was 49.4% in September. Inflation data for October will be released on Monday.

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2/ https://www.bnnbloomberg.ca/business/international/2024/11/02/turkey-trade-deficit-narrows-13-in-october-import-drop-slows/

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