Page 31 - TURKRptDec20
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Turkey's auto industry, meanwhile, is sticking with its $25bn worth of exports target for 2020 despite negative expectations for orders in December and January, according to Baran Celik, head of automotive exporters association OIB.
Automotive exports declined by 21% y/y to $20bn, equivalent to 17% of Turkey’s total exports, in January-October. The industry registered around $30bn worth of export revenues in 2019.
5.1.2 Current account dynamics
Trade deficit has shown some improvement in September and October but it is still high. Foreign tourist arrivals, meanwhile, remain far too low to cover the trade deficit in the balance of payments.
5.1.3 Capital flight dynamics
Due to the curbs placed on the banks’ swap limits with foreign counterparts, the stock in swaps providing USD at spot from Turkish banks declined to $3bn at end-September from $62bn at end-February 2018, suggesting around $59bn of portfolio outflows, according to calculations by @VeFinans.
Non-residents' holdings of equity and government domestic debt securities ($ mn) (Market Value)
2017
2018
2019
Nov 20
STOCK
Equity
51,984
29,350
32,422
25,194
GDDS
30,942
18,325
15,448
6,152
Repo
2,403
314
513
234
Private
959
612
406
239
NET TRANSACTIONS (Adjusted for Foreign Exchange and Market Price Effects)
Equity
3,324
-1,039
414
-4,845
GDDS
7,383
-906
-3,121
-7,147
Repo
268
-1,391
174
-125
Private bond
40
-343
-207
-167
source: tcmb
31 TURKEY Country Report December 2020 www.intellinews.com
