Turkey’s Economic Confidence Index Highest in 5 Years

Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
TT
20

Turkey’s Economic Confidence Index Highest in 5 Years

Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters
Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing. Photo: Reuters

Turkey's economic confidence index increased by 2.5 percent to 106 points in August, its highest level since July 2012, the Turkish Statistical Institute (TurkStat) said this week.

The institute noted that monthly hikes in real, services, retail trade and construction sector confidence indexes maintained the rise in economic confidence.

Among all indexes, the construction confidence index rose the most, by 3.3 percent, to 88.3 points. While the index measuring confidence in the services sector was up 1.6 percent, reaching 105.4 points, TurkStat said.
The retail industry confidence index gained 1.1 percent, reaching 108.5 points, it added.

Meanwhile, a recent analysis by Deloitte, one of the world's largest professional services companies, said Turkey's automotive sector will continue to be the country's export champion in 2017.

The report said exports increased by 28.5 percent compared to the same period of last year as sales hit 714,000 automobiles. Meanwhile, the total export value also increased by 22.1 percent, hitting $14.5 billion.

It estimated that export income from the automotive sector this year would be around $26.5 billion.

But automobile sales in the Turkish automotive market in the first six months of this year declined by 9.6 percent compared to the same period of 2016, reaching 306,000 automobiles.

During the same period, 95,000 light commercial vehicles were sold, a 5 percent drop compared to the first six months of 2016.

As for the heavy commercial vehicle market, sales tumbled by 22.4 percent compared to the same period last year, reaching 9,500 vehicles.



China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
TT
20

China's Iran Oil Imports Surge in June on Rising Shipments, Teapot Demand

FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS
FILE PHOTO: An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS

China's Iranian oil imports surged in June as shipments accelerated before the recent conflict in the region and demand from independent refineries improved, analysts said.

The world's top oil importer and biggest buyer of Iranian crude brought in more than 1.8 million barrels per day (bpd) from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data.

Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.

The rising imports are fueled in part by the accelerated discharge of high volumes of Iranian oil on the water after export loadings from Iran reached a multi-year high of 1.83 million bpd in May, Kpler data showed.

It typically takes at least one month for Iranian oil to reach Chinese ports, Reuters reported.

Robust loadings in May and early June mean China's Iran imports are poised to remain elevated, Kpler and Vortexa analysts said.

Independent Chinese "teapot" refineries, the main buyers of Iranian oil, also showed strong demand for the discount barrels as their stockpiles depleted, said Xu Muyu, Kpler's senior analyst.

A possible relaxing of US President Donald Trump's policy on Iranian oil sanctions could further bolster Chinese buying, she added.

Trump said on Wednesday that Washington has not given up its maximum pressure campaign on Iran - including restrictions on Iranian oil sales - but signaled a potential easing in enforcement to help the country rebuild.

For this week, Iranian Light crude oil was being traded at around $2 a barrel below ICE Brent for end-July to early-August deliveries, two traders familiar with the matter said, compared to discounts of $3.30-$3.50 a barrel previously for July deliveries.

Narrower discounts were spurred by worries that oil flows could be disrupted through the Strait of Hormuz, a critical waterway between Iran and Oman, traders said.

Market fears for a closure of the chokepoint had escalated after last weekend's US attack on Iranian nuclear sites but eased after Iran and Israel on Tuesday signaled a ceasefire.

Tighter discounts for Iranian oil come amid a retreat in futures prices. ICE Brent crude futures hovered at $68 per barrel on Friday, their level before the Israel-Iran conflict began and down 19% from Monday's five-month peak.