Foreign trade deficit rose 14.1 percent annually to 7.4 billion dollars in July

According to a compilation by Bloomberg HT, the foreign trade deficit in July increased by 14.1 percent compared to the same month last year, reaching 7.4 billion dollars. According to data from TURKSTAT and the Ministry of Trade presented in the charts, exports stood at 25.6 billion dollars and imports at 33 billion dollars during the same period.

While the data shows that imports continue to exceed exports, it also indicates that the deterioration in the external balance has become more pronounced on an annual basis. The July figures reveal that as the second half of the year begins, the composition of foreign trade maintains its weight on the economic agenda.

CURRENT STATUS OF OTHER INDICATORS

On the industrial side, the ISO manufacturing PMI was recorded at 47.7 in July. The fact that the PMI remained below the 50 threshold value was among the indicators pointing to the continued weakness in manufacturing industry operating conditions.

Regarding inflation indicators, the divergence between goods and services prices drew attention. According to the charts, while goods inflation remained below 1 percent on a monthly basis for two consecutive months, a more rigid outlook persisted in services inflation.

The gap between producer and consumer prices also stood out in the July data. While CPI was shown at 31.75 percent annually and PPI at 27.83 percent, the difference between the two indices was calculated at approximately 3.9 points.

Looking at the main expenditure groups, education, health, housing, and food items stood out among the annual increase rates. While the general CPI index was at 31.75 percent, increases of 44.18 percent in education, 43.89 percent in health, 40.32 percent in housing, and 37.53 percent in food and non-alcoholic beverages were observed.

The difference between monetary policy indicators and inflation was also one of the monitored topics. The charts indicated that the gap between the CPI and the CBRT interest rate indicator rose to its highest level in 5 months, with a difference of 8.25 points.

In food prices, the highest monthly increases were concentrated in certain vegetable and fruit groups. In July, an increase of 25.9 percent was recorded in other vegetables such as onions, garlic, and carrots; 21.6 percent in tuberous vegetables; and 14.5 percent in fruit-bearing vegetables such as tomatoes, peppers, cucumbers, and zucchini.

News Source: 12punto