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TURKEY: Simsek Expects Decrease in Trade and Current Account Deficit in May

TURKEY
BulletEM BulletEmerging Market News

Simsek posted on X following this morning's trade balance data:

  • “We expect a decrease in the annual foreign trade deficit and current account deficit again in May.”
  • “Although there will be limited fluctuations in the rest of the year due to temporary effects, we expect the ratio of current account deficit to national income to be approximately 2.5 percent as of the second quarter.”
  •  “At the end of the year, the current account deficit will be significantly lower than the Medium Term Program target.”

As a reminder, Turkey’s trade deficit widened to $9.863bn in April (Est: -$9.90bn) from a revised -$7.354bn in March, marking the widest deficit since July 2023. Exports rose 0.1% y/y while imports rose 4.0% y/y.

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Simsek posted on X following this morning's trade balance data:

  • “We expect a decrease in the annual foreign trade deficit and current account deficit again in May.”
  • “Although there will be limited fluctuations in the rest of the year due to temporary effects, we expect the ratio of current account deficit to national income to be approximately 2.5 percent as of the second quarter.”
  •  “At the end of the year, the current account deficit will be significantly lower than the Medium Term Program target.”

As a reminder, Turkey’s trade deficit widened to $9.863bn in April (Est: -$9.90bn) from a revised -$7.354bn in March, marking the widest deficit since July 2023. Exports rose 0.1% y/y while imports rose 4.0% y/y.