Turkey: Current account deficit narrows in April
June 11, 2015
The current account balance recorded a USD 3.4 billion deficit in April (March: USD 5.0 billion deficit), which marked an improvement over the USD 4.9 billion shortfall recorded in the same month last year. The print undershot market expectations of a USD 2.9 billion deficit. The 12-month trailing current account deficit also narrowed from USD 45.8 billion in March to USD 44.3 billion in April (roughly equivalent to 5.5% of GDP).
In April, exports fell 0.2% in USD terms over the same month last year, which was a notable improvement from the 16.4% drop tallied in March. Imports fell 11.4%, which followed March’s 5.6% annual contraction. As a result, the trade deficit came in at USD 3.3 billion in April, which marked an improvement over the USD 4.9 billion shortfall recorded in the same month last year.