Turkey: Current account deficit remains constant in October
December 12, 2016
Turkey's current account balance recorded a USD 1.7 billion deficit in October, mirroring the deficit registered in September. This deficit is considerably worse than the USD 0.3 billion deficit recorded in the same month last year. As a result, the 12-month trailing current account gap widened from USD 32.4 billion in September to USD 33.8 billion in October, the largest figure in almost a year.
In October, merchandise exports dropped 2.8% in USD terms over the same month last year. The reading was above the 5.8% fall in September. Merchandise imports fell by 0.3% in October on a year-on-year basis, which was down from the flat reading recorded in September. The trade deficit came in at USD 2.8 billion in October, which was a bigger shortfall than the USD 2.5 billion deficit recorded in the same month last year.
Author: Dirina Mançellari, Senior Economist