Faltering Turkish exports prospects to hurt inflation fight

Turkish exporters are downwardly revising year-end targets in a move that could derail the government’s plan to tame inflation, which neared 80% in July, as new orders drop amid signs of a global slowdown, exacerbated by the war in Ukraine, and inflationary pressure. The trade deficit surged by 143% in the first seven months of 2022 to $61.9 billion. Turkey has set a $250 billion export target for this year, after reaching $225 billion in 2021. [Reuters]