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Trade Deficit Widens in January, Economic Confidence Edges Lower

TURKEY
  • Turkey’s trade deficit widened by slightly more than expected, to $6.227bln in January from a revised deficit of $6.073 in December (Est: -$6.20bln), according to the Turkish Statistical Institute. Exports rose 3.5% on year to $20.0bln while imports fell 22.0% on year to $26.2bln. Meanwhile, economic confidence fell to 99.018 in February from 99.394 in January.
  • Reuters reported last week that the financing of trade between Turkey and Russia was disrupted by the USA's threat to impose sanctions on financial institutions working with Russia. Ekonomi now report that Russian lawmakers have approved a bill allowing digital financial assets to be used in international payments; seen as a move that would allow Moscow to shield some cross-border money flows from international scrutiny.
  • Turkey will allow payments in foreign currency for obligations of negotiable instruments denominated in FX signed before April 2022, according to a Treasury and Finance Ministry decree in the official gazette.
  • GDP data for Q4-2023 is on the docket tomorrow, where growth is expected to moderate from +5.9% y/y to +3.5%. Manufacturing PMI figures will cross on Friday.
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