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TURKEY: Trade Deficit Widens Broadly In-Line With Expectations in April

TURKEY
  • Turkey’s trade deficit widened to $9.863bn in April (Est: -$9.90bn) from a revised -$7.354bn in March, according to the Turkish Statistical Institute, marking the widest deficit since July 2023. Exports rose 0.1% y/y while imports rose 4.0% y/y.
  • Meanwhile, Turkey’s economic confidence fell to 98.205 in May from 99.002 in April, a new YTD low for the series.
  • The central bank will publish a summary of its latest monetary policy meeting at 12:00BST/14:00 local time. Our review of that decision can be found here.
  • GDP data for Q1 is on the docket tomorrow morning (08:00BST/10:00 local time). On a sequential and seasonally adjusted basis, GDP growth is expected to rise from 1.0% q/q in Q4 to 1.6% in Q1 and from 4.0% y/y to 5.8% in annual terms.
     

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