Falling Polish interest rates will squeeze banks' income
18 hours ago
Turkey’s foreign trade shortfall increased by 33% y/y to $6.65bn in April, preliminary data from the customs ministry showed on May 2.
Exports were up 9% y/y to $13.9bn but imports rose at the faster pace of 15% y/y to $20.5bn.
On the back of the April data, the foreign trade deficit widened 55% y/y to $27.4bn in January-April. Exports increased by 9% y/y to $55.1bn and imports were up 21% y/y to $82.4bn.
Anxieties over Turkey's overheating economy are strengthening over growing imports and, as a result, current account deficits. Turkey's economic health is patently dangerously reliant on hot inflows of foreign external financing to enable growth. The political and economic outlook in Turkey is not secure enough to attract sufficient longer-term stable foreign investment capital.
The foreign trade deficit rose by 37% y/y to $77bn in 2017. Exports were up 10% y/y to $157bn but imports rose at the faster pace of 18% y/y to reach $234bn.
The government is forecasting a foreign trade deficit of $68bn for 2018 with exports reaching $169bn and imports amounting to $237bn.
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