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Turkey Trade Deficit Widens in December, Though Falls Shy of Expectations

TURKEY
  • Turkey’s trade deficit widened to $9.7b in December, though fell short of expectations of a $10.4b shortfall. Exports rose 3% y/y while imports rose 12.2% y/y. The full-year trade deficit more than doubled to $109.5b from $46.2b y/y. Russia was the main import source, accounting for $58.85b of total Turkish imports.
  • The number of foreign visitors to Turkey fell to 2.40 million in December compared to 2.55 million in November, equating to a yearly change of 26.8% y/y versus 44.6% prior. Culture and Tourism Minister Nuri Ersoy said Turkey now targets 60 million tourists in 2023, up from 51.4m in 2022, while the target for tourism revenues has also been increased to $56b from a $46.3b target in 2022.
  • The combined earnings for the Turkey’s six largest-listed lenders may fall as much as 30% this year, according to Bloomberg Intelligence. HSBC estimates that falling net interest income and inflationary pressures on costs may lead to a 34% drop in earnings.
  • In addition to the rapid increase in consumer loans in Turkey recently, bank and credit card expenditures broke records, Ekonomi report. According to data released by the central bank, credit card expenditures increased to TRY100b on a 4-week average. The annual increase exceeded 150%.
  • The Treasury will release its borrowing plan for February-April at 1400 GMT/1700 local time. Foreign Minister Cavusoglu will hold a joint presser with his Hungarian counterpart Szijarto at 0950 GMT/1250 local time.
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