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Energy & Gold Imports Generate Another Substantial Trade Deficit

TURKEY
MNI (London)

TURKEY SEP TRADE BALANCE USD -9.60B (PRELIM -10.40b); AUG -11.19B

  • The Turkish trade balance narrowed to USD -9.60bln in September, a 0.8bln lower deficit than the preliminary data released early by the Turkish trade ministry.
  • September's deficit is a 268.1% increase compared to September 2021 and follows August's record trade deficit of USD -11.19bln.
  • Gold and energy imports are driving the large deficit, with the latter adding substantial pressure to Turkey's soaring +83.45% y/y inflation rate in September. Excluding energy and gold, Turkey recorded a USD 177mln trade surplus.
  • Foreign Minister Mevlut Cavusoglu continues to call for the removal of sanctions on oil from Iran and Venezuela to ease energy price pressures for the nation, however, international political pressure sees any shift in these sanctions unlikely.

Source: TURKSTAT

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