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Local Press Calls for Action Against Mounting China Trade Deficit

TURKEY
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • The CBRT's routine inflation expectations survey shows year-end CPI forecast at 43.64% in May, from 44.16% prior, 12-month forecast 33.21% (Prev. 35.17%), 24-month forecast 21.33% (Prev. 22.05%).
  • Expectations for further TRY weakness crept higher, with 12m USD/TRY forecast rising to 41.80 from 40.01. CBRT key rate expectations were unchanged at 50%.
  • Yeni Safak run a broader piece on Turkish trade, flagging the risks to the current account deficit from China. They write that the primary reason for the CAD is the imbalance in trade with China, with Chinese imports reaching $45bln vs. Exports at only $3-4bln.
  • This equates to half of the entire trade deficit - and the paper calls on the government to support local production of substitute goods, highlighting Turkey's advantages in production potential, young demographics and proximity to European markets.
  • President Erdogan is set to appear later today at 1400 local time (1200BST), speaking on agriculture.
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  • The CBRT's routine inflation expectations survey shows year-end CPI forecast at 43.64% in May, from 44.16% prior, 12-month forecast 33.21% (Prev. 35.17%), 24-month forecast 21.33% (Prev. 22.05%).
  • Expectations for further TRY weakness crept higher, with 12m USD/TRY forecast rising to 41.80 from 40.01. CBRT key rate expectations were unchanged at 50%.
  • Yeni Safak run a broader piece on Turkish trade, flagging the risks to the current account deficit from China. They write that the primary reason for the CAD is the imbalance in trade with China, with Chinese imports reaching $45bln vs. Exports at only $3-4bln.
  • This equates to half of the entire trade deficit - and the paper calls on the government to support local production of substitute goods, highlighting Turkey's advantages in production potential, young demographics and proximity to European markets.
  • President Erdogan is set to appear later today at 1400 local time (1200BST), speaking on agriculture.