While there was a contraction in trade, retail sales increased

Turkey’s trade sales volume fell 5.6% year on year and 0.7% month on month in September, according to Turkish Statistical Institute (TÜİK) data, while wholesale trade contracted 10.9% annually. Retail sales volume rose 7.7% from a year earlier in the same month, underscoring a divergence between weakening wholesale activity and resilient consumer demand. The wholesale decline points to softer business-to-business flows and inventory caution, while retail strength suggests household spending is holding up. Markets will watch upcoming TÜİK releases for whether the retail gain persists and whether the wholesale slump deepens.