Turkey: Current account deficit widens in November
January 30, 2017
The current account balance recorded a USD 2.3 billion deficit in November, down from the USD 1.7 billion deficit recorded in October. November’s shortfall is nearly identical to the USD 2.2 billion deficit recorded in the same month of the previous year. As a result, the 12-month trailing current account gap widened slightly from USD 33.6 billion in October to USD 33.7 billion in November, the lowest figure in a year.
In November, merchandise exports increased 8.4% in USD terms over the same month of the previous year. The reading contrasted the 3.0% fall in October. Merchandise imports also improved and increased 5.4% in November on a year-on-year basis, which contrasted the 0.4% decrease recorded in October. The trade deficit came in at USD 2.9 billion in November, which was a slightly smaller shortfall than the USD 3.1 billion deficit recorded in the same month last year.
Author: Dirina Mançellari, Senior Economist