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Trade Deficit Widens Less-Than-Expected in March

TURKEY
  • Turkey's trade deficit widened to $7.341bn (Est: -$7.50bn) in March from -$6.771bn in February, according to the Turkish Statistical Institute. Exports fell 4.1% y/y whilst imports fell 6.3% y/y.
  • Parliament Speaker Numan Kurtulmuş is set to kick off discussions on the proposed new constitution with visits to various party groups in parliament this week, Hurriyet report. The initiative, put forward by the ruling Justice and Development Party (AKP) in December 2022, hinges on garnering the support of at least 37 lawmakers from opposition parties.
  • The proposed draft outlining the main principles of the new constitution emphasizes a "civil and libertarian approach, inclusive citizenship definition" and “protection of individual and natural resources," while enabling social policies. An opposition co-chair said their party would not permit the discussions to serve as a "lifeline for the government."
  • There are no other local releases on the docket today. CPI data for April will cross on Friday morning (Est: +70.00% Y/Y; Prior: +68.50%).
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