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TURKEY: Tax on Chinese Vehicles Increased, Cabinet Reshuffle Expected in Feb

TURKEY
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  • The additional customs duty on gasoline and hybrid cars imported from China to Turkey has been increased from 40% to 50%, Ekonomi report, adding that the new regulation is expected to lead to price increases of nearly 10%.
  • Local newspaper Turkiye run a piece in which they note that the cabinet members whose places are secure in a potential upcoming reshuffle are Cevdet Yilmaz, Mehmet Simsek, Hakan Fidan, Yasar Guler and Murat Kurum. Incoming ministers will be assigned at the AK Party’s grand congress at the end of February.
  • Turkey’s manufacturing PMI rose slightly to 49.1 in December from 48.3 in November, marking the highest reading since April 2024. No other data releases are due today, with focus turning to CPI data for December tomorrow morning (Est: +45.20% Y/Y; Prior: +47.09%).
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  • The additional customs duty on gasoline and hybrid cars imported from China to Turkey has been increased from 40% to 50%, Ekonomi report, adding that the new regulation is expected to lead to price increases of nearly 10%.
  • Local newspaper Turkiye run a piece in which they note that the cabinet members whose places are secure in a potential upcoming reshuffle are Cevdet Yilmaz, Mehmet Simsek, Hakan Fidan, Yasar Guler and Murat Kurum. Incoming ministers will be assigned at the AK Party’s grand congress at the end of February.
  • Turkey’s manufacturing PMI rose slightly to 49.1 in December from 48.3 in November, marking the highest reading since April 2024. No other data releases are due today, with focus turning to CPI data for December tomorrow morning (Est: +45.20% Y/Y; Prior: +47.09%).