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Turkey

SOCAR receives more licenses in Turkey

socar

ANKARA: SOCAR Turkey Enerji A.S. , a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, received 4 more licenses from Turkey’s Energy Market Regulatory (EPDK). The EPDK issued a license for storage of liquefied petroleum gas (LPG) for 15 years, two licenses for 15 years were received for the supply of petroleum products and another license for Storage (warehousing) ... Read More »

Turkey runs $6.7B budget deficit during January-July

budget dificit

ANKARA: Turkey ran a budget deficit of 24.3 billion Turkish liras (nearly $6.7 billion) in the first seven months of 2017, Finance Minister Naci Agbal said Tuesday. In a written statement, Agbal said: “The budget deficit in this period was recorded due to government incentives and actions to support economic growth. This January to June, government revenues reached 351.6 billion ... Read More »

Turkey’s unemployment rate at over 10% in May

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ANKARA: The unemployment rate in Turkey rose by 0.8 points to reach 10.2 percent in May compared with the same month last year, according to the Turkish Statistical Institute (TurkStat) on Tuesday. The number of jobless people aged 15 and above jumped to 3.2 million in the month, marking an increase of 330,000 from the same month last year, TurkStat ... Read More »

Turkish company exports first cherries to Chinese market

importexports

ANKARA: A major Turkish produce company has carried out its first ever cherry shipment to the recently opened Chinese market, after the export protocols were signed earlier this year. Bursa-based Alara Agri Business sent a trial consignment last week from Istanbul to Guangzhou via airfreight, according to deputy managing director Belit Balci. “This is the first season we have access. ... Read More »

Turkey’s current account deficit down in June

deficit

ANKARA: Turkey’s annual current account deficit narrowed to $3.7 billion in June, a fall of $1.2 billion year-on-year, the central bank said Friday. The June deficit was expected to be around $4.1 billion. Considering June’s deficit data, the 12-month rolling deficit stands at $34.3 billion, the bank said. According to the bank, the deficit in the first half of the ... Read More »

Turkey seeks to modernize customs union with EU through business diplomacy

customs export

ANKARA: Last week, a Reuters report claimed that the German government wants the European Commission (EC) to suspend preparatory work on the current negotiations with Ankara about the update of the customs union agreement between the European Union and Turkey on the grounds that it would send the wrong signal. Contrary to politically driven reactions to matters of trade and ... Read More »

Turkish current account deficit falls in June

Red arrow - down - low - slow - falls - slips

ANKARA: Turkey’s annual current account deficit narrowed to $3.7 billion in June, a fall of $1.2 billion year-on-year, the Central Bank said Friday. Considering June’s deficit data, the 12-month rolling deficit stands at $34.3 billion, the bank said. According to the Central Bank, deficit in the first half of the year was $20.77 billion. The import-export balance of goods was ... Read More »

J.P. Morgan revises Turkey’s growth estimate up for 2017

growth

ANKARA: The U.S.-based multinational banking and financial services company J.P. Morgan raised its estimate on Turkey’s economic growth for 2017 from 3.8 percent to 4.6 percent thanks to its strong performance observed so far and noted that this growth will largely emanate from the economic activity in the second quarter. J.P. Morgan published a report on Wednesday, pointing out that ... Read More »

Turkey’s current account deficit in June $4.4B

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ANKARA: Turkey’s current account deficit for June is expected to stand at $4.41 billion, according to a group of economists polled by Anadolu Agency on Wednesday. The 11 experts’ estimates for the month ranged from $3.25 billion to $7 billion. The economists also forecast that Turkey’s year-end current account deficit will reach $38.49 billion — with the highest forecast at ... Read More »

Turkey’s machinery exports reach $8B in 7 months

importexports

ANKARA: Turkey’s machinery exports rose by 5.2 percent to $8 billion in the first seven months of this year compared with the same period last year. According to data from the Machinery and Accessories Exporters Union (MAIB), one of the sectors that provided the biggest increase in exports was machinery. Between January and July, Germany was the top destination for ... Read More »

Turkey motor vehicle registrations down in June

DECREASES

ANKARA: The number of motor vehicle registrations in Turkey decreased 17 percent year-on-year in June, the country’s statistics authority revealed on Wednesday. A total of 95,608 first- and second-hand vehicles were registered in the sixth month of the year, according to Turkish Statistical Institute (TurkStat). Compared to the previous month, motor vehicle registration slipped by 13.5 percent. “The total number ... Read More »

Turkish Q2 GDP growth expected to surpass Q1, experts believe

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ANKARA: With expectations for the announcement of Turkey’s GDP growth data for the second quarter, most recently released macroeconomic data implies that Turkey will grow even further. Despite facing setbacks in the last two years, Turkey’s economy grew 5 percent in the first quarter of this year, exceeding the estimations of economists and economic institutions. Now, all eyes are turning ... Read More »

Turkey’s industrial production soars in June, up 3.4%

industrail production

ANKARA: Turkey’s industrial production advanced 3.4 percent in June 2017 compared to the same month last year, the Turkish Statistical Institute (TurkStat) announced on Tuesday. Turkey’s industrial output is deemed a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth. On an annual basis, the manufacturing index saw the biggest rise in June, ... Read More »

Turkey’s gold imports hit high in July

GOLD IMPORTS

ANKARA: Turkey imported 62.8 tons of gold in July, the highest on a monthly basis since the establishment of the Borsa Istanbul Precious Metals Markets in 1995.  This represented a 1.328 percent year-on-year increase compared to the same month of 2016, when some 4,401 tons of gold was imported. According to data compiled by state-run Anadolu Agency on Aug. 7, ... Read More »

Turkey’s exports soar in July, reach six-year high

importexports

ANKARA: Turkey’s exports soared over 31 percent annually to reach nearly $11.5 billion in July, the highest in the last six years, the Turkish Exporters’ Assembly (TIM) said. The association said in a statement that the value of total exports for the last 12 months also increased by 7.5 percent to over $150 billion, compared to the same period last ... Read More »

Turkish deputy PM sees single-digit inflation for 2018

Finland inflation highest since Sep-2014

ANKARA: Turkish Deputy Prime Minister Mehmet Simsek said he expected inflation to decline to below 7 percent next year. In an interview with private NTV television on Thursday, he also voiced his satisfaction with July’s single digit inflation rate. “It is pleasing that inflation has fallen to a single digit,” Simsek, who is responsible for Turkey’s economy, said. His comments ... Read More »

Turkish firms’ plastics exports exceed $2 bln

EXPORTS

ANKARA: Turkey exported $2.08 billion worth of plastic products in the first six months of the year, marking a 1.8 percent increase compared to the same period last year, according to the Turkish Plastics Industry Foundation (PAGEV) on Aug. 3. During the first half of 2017, the country exported 798,000 tons of plastic products to around 150 countries, a press ... Read More »

SOCAR eager to create another petrochemical complex in Turkey

socar

ANKARA: SOCAR Turkey Enerji A.S., a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, intends to create a new chemical enterprise like Petkim in Turkey. “Currently, Turkey imports petrochemical products worth $11 billion. There is a plan to build a petrochemical holding in Izmir, like Petkim. In Aliaga district of Izmir, “Star” refinery is being built, domestic demand of ... Read More »

Turkey, UK sign new export partnership deal

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ANKARA: Turkey and the U.K. will provide co-financing for various projects and contracts within the scope of an agreement aiming to strengthen commercial cooperation and increasing investment between the two countries. The U.K. Export Finance Agency (UKEF) and its counterpart in Turkey, Eximbank, signed an agreement on Wednesday, with the U.K. government increasing its support for the British companies trading ... Read More »

Turkey’s foreign trade deficit soars 80% in July

nz trade deficit

ANKARA: Turkey’s foreign trade gap surged 80.4 percent in July and exceeded $8.7 billion due to a steep rise in gold imports and a base effect that resulted from a failed coup last July. According to preliminary data from the Customs and Trade Ministry, which was released on Aug. 2, Turkey’s exports in July tallied $12.6 billion while the imports ... Read More »