Another blow to the price stability target with the current surplus: 142 percent increase in the February foreign trade deficit!

Another bad news for the government, which aims to achieve price stability by creating a current account surplus, came from the February foreign trade data.

The growth in the foreign trade deficit continues due to increasing imports and slowing export growth since December. The absence of the Ukraine shock in the February data, the sharp rise in commodity prices due to the occupation of Ukraine and the expectation that tourism revenues will weaken, should be expected to increase the foreign trade deficit in the upcoming period. The current surplus target is no longer possible. On the contrary, the current account deficit of $14.9 billion at the end of 2021 is likely to reach $30-35 billion at the end of this year.

Increasing pressure on TL seems inevitable.

According to the figures announced by Minister Muş:

year 2022 in February compared to the same month of the previous year;

  • Export, increased by 25.4% 20 billion 3 million dollars,
  • Imports, increased by 45.6% 28 billion 99 million dollars,
  • February Foreign trade deficit also increased by 141.9%. It was 8.1 billion dollars.

January 2022-in February compared to the same period of the previous year;

  • Export, increased by 21.4% 37 billion 590 million dollars,
  • Imports, %up 49.7 55 billion 947 million dollars,
  • January February Foreign trade deficit also increased by 186.3%. 18.4 billion dollars.

year 2022 in February compared to the same month of the previous year; The ratio of exports to imports decreased by 11.6 points to 71.2%. In the January-February period, the same rate decreased from 82.8% to 97.2% in the previous year.

in February the countries we export the most to respectively; Germany became 1 billion 785 million dollars with an increase of 19.5%, the USA became 1 billion 298 million dollars with an increase of 41.9% and the UK became 1 billion 98 million dollars with an increase of 14.4%. The share of the top 10 countries with the largest share in exports in total exports was 48.1%.

in February Countries we import the most respectively; Russia increased by 123.7% to 3 billion 801 million dollars, China increased by 41.8% to 3 billion 177 million dollars and Germany increased by 8.1% to 1 billion 840 million dollars. The share of the top 10 countries with the largest share in imports in total imports was 51.9%.

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