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automatic data processing machines, wireless telephone devices, toys and audio-visual devices from China.
Turkey and India are targeting the achievement of a $10bn bilateral trade volume this year​, according to the ​head​ of the Turkey-India Business Council of Turkey’s Foreign Economic Relations Board (DEIK).
Last year, the trade volume amounted to $8.2bn with goods exported by Turkey worth $1.2bn and goods exported by India valued at $7bn, said Tevfik Donmez, adding that the trade target for 2023 was $25bn.
“India, where a number of pharmaceutical raw materials are produced, has significant mutual potential for Turkey, which is a producer of high value-added products such as medical devices and test kits,” he noted.
Turkey buys mainly petroleum products, textile products and vehicle spare parts from India, while it largely sells gold, marble, oil seeds and raw materials to India.
Donmez also observed that Turkey hosted scores of weddings of Indian couples, generating more than $100mn in revenues from those events.
5.2.2 ​Current account dynamics
Current account deficit in April widened to $5.06bn, worse than a Reuters poll forecast for a deficit of $4.5bn. In March, the deficit stood at $4.84bn. Coronavirus measures on export markets, including bars on travel that have devastated Turkey’s big tourism industry, took a heavier than anticipated toll.
5.2.3​ Gross intl reserves
The central bank’s gross forex reserves ​fell​ to $55.48bn as of June 12 from $55.61 billion a week earlier.
Turkey’s Treasury raised €1.64bn via one-year euro-denominated bonds and lease certificates with a 1.25% semi-annual coupon and $1.35bn​ from one-year USD-denominated bonds and lease certificates with a 1.75% semi-annual coupon, the country’s finance ministry ​said​ on May 27.
In March, the Treasury tapped €1.26bn from local lenders in EUR-denominated paper with a 0.75% semi-annual coupon.
33​ TURKEY Country Report​ July 2020 ​ ​www.intellinews.com