Turkey: Current account deficit widens in June
August 11, 2016
The current account balance recorded a USD 4.9 billion deficit in June (May: USD 3.1 billion deficit). The deficit was wider than the USD 3.2 billion shortfall recorded in the same month last year. As a result, the 12-month trailing current account gap widened from USD 27.7 billion in May to USD 29.4 billion in June, marking the biggest deficit in three months.
In June, merchandise exports expanded 6.3% in USD terms over the same month last year. The reading was below the 7.9% increase tallied in May. However, goods imports swung from a 4.2% contraction in May to a 6.4% expansion in June. As a result, the trade deficit came in at USD 5.2 billion in June, which was a bigger shortfall than the USD 4.9 billion deficit recorded in the same month last year.
Author: Dirina Mançellari, Senior Economist