Turkey’s May foreign trade gap hits $10.6B on soaring energy costs

Turkey’s foreign trade deficit in May, official data showed Thursday, was driven by high energy prices and soaring imports. The gap rose 155.2% to reach $10.6 billion (TL 176 billion) in May, the Turkish Statistical Institute (TurkStat) said. It was up from $6.1 billion in April. Exports jumped 15.3% to $18.98 billion, while imports were … Read more

Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages

Sri Lanka will allow companies from oil-producing countries to import and sell fuel, the power and energy minister said on Tuesday, ending a duopoly as it tries to overcome a shortage of petrol and diesel that is exacerbating an economic crisis. The Cabinet decision came as Minister Kanchana Wijesekera headed to Qatar and a colleague … Read more

Turkey proposes over $50B extra budget to tackle rising costs

Turkey’s government on Monday submitted a proposal to Parliament for a supplementary budget of more than $50 billion amid a surge in global energy prices and rampant inflation. The government now expects to spend an extra TL 880.5 billion ($50.8 billion) through the end of the year. The state-owned gas and coal importers account for … Read more

Strong demand, exports help Turkish economy post 7.3% growth in Q1

Turkey’s economy expanded at a higher-than-expected pace in the first quarter, official data showed Tuesday, driven by strong demand, manufacturing and exports. Gross domestic product (GDP) grew 7.3% year-over-year in the January-March period, the Turkish Statistical Institute (TurkStat) said, topping market forecasts. The economy bounced back from the pandemic to grow 11% in 2021, its … Read more

Turkey’s trade deficit nearly doubles as energy imports soar

Turkey’s foreign trade deficit almost doubled in April, driven by high energy prices and a rise in imports, official data showed Tuesday. The gap widened 98.5% year-over-year to $6.11 billion (TL 100.20 billion) in the month, the Turkish Statistical Institute (TurkStat) said. Imports rose 35% year-over-year in April to $29.48 billion, while exports jumped 24.6% … Read more

Eurozone inflation hits yet another record to leave ECB in crosshairs

Inflation in the eurozone hit yet another record high in May, official data showed Tuesday, amid surging energy costs prompted in part by Russia’s war in Ukraine. The consumer price index in the 19 countries that use the euro currency accelerated to 8.1% in May from 7.4% in April, according to the latest data from … Read more

Seeking to rein in crisis, Sri Lanka hikes fuel prices to record high

In a long-flagged move to combat its debilitating economic crisis, Sri Lanka increased fuel prices on Tuesday to a record high, but the hikes are bound to exacerbate galloping inflation, at least in the short term. It is seen as adding further pain to the cash-strapped country’s 22 million people in its worst crisis since … Read more