Turkey: Current account deficit shrinks in September
November 13, 2014
The current account balance recorded a USD 2.2 billion deficit in September (August: USD 2.2 billion deficit), which marked an improvement over the USD 3.4 billion shortfall recorded in the same month last year. The print was better than the USD 2.6 billion expected by market analysts. The 12-month trailing current account deficit narrowed slightly from USD 47.9 billion in August to USD 46.7 billion in September (equivalent to approximately 7.0% of GDP).
In September, exports expanded 7.0% in USD terms over the same month last year, which was above the 6.8% increase recorded in August and marked a six-month high. Conversely, imports tumbled from a 7.3% increase in August to a 0.3% drop in September. As a result of the healthy export rise, the trade deficit came in at USD 5.0 billion in September, which marked an improvement over the USD 6.0 billion shortfall recorded in the same month last year.