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TURKEY: Trade Deficit Narrows to $4.99bn in August

TURKEY
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  • Turkey’s trade deficit narrowed to $4.992bn in August (Est: -$4.90bn) from a revised -$7.319bn in July, according to the Turkish Statistical Institute, marking the narrowest deficit recorded since October 2021. Exports rose 2.3% y/y while imports fell 10.7% y/y.
  • Meanwhile, Turkey’s economic confidence rose to 94.984 in September from 93.122 in August, the first improvement for the series since March.
  • The central bank has tweaked the maximum interest on credit cards based on the amount of debt, according to decision published in the Official Gazette. It also capped the maximum interest rate at 3.11% for restructuring personal credit card debt.
  • Looking ahead to next week, CPI data for September highlights the local slate (Est: +48.27% Y/Y; Prior: +51.97%).
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  • Turkey’s trade deficit narrowed to $4.992bn in August (Est: -$4.90bn) from a revised -$7.319bn in July, according to the Turkish Statistical Institute, marking the narrowest deficit recorded since October 2021. Exports rose 2.3% y/y while imports fell 10.7% y/y.
  • Meanwhile, Turkey’s economic confidence rose to 94.984 in September from 93.122 in August, the first improvement for the series since March.
  • The central bank has tweaked the maximum interest on credit cards based on the amount of debt, according to decision published in the Official Gazette. It also capped the maximum interest rate at 3.11% for restructuring personal credit card debt.
  • Looking ahead to next week, CPI data for September highlights the local slate (Est: +48.27% Y/Y; Prior: +51.97%).