Turkey’s current account deficit came in at $2.7 billion in April, widening by $1.2 billion in the same month of last year, the Central Bank said yesterday.
On the back of the April data, the country’s 12-month rolling current account gap amounted to $25.7 billion.
The foreign trade deficit was $4.4 billion, rising by $2.7 billion from a year ago. Exports amounted to $23.3 billion, but imports were $27.7 billion.
“If gold and energy are excluded, the current account balance indicated a surplus of $4 billion, up from the $1.1 billion surplus recorded in the same month of the previous year,” the Central Bank said in a statement.
The travel item posted a net inflow of $1.6 million in April, increasing by $933 million compared to the same month of the previous year.
Direct investments recorded a net inflow of $323 million, but there was a net outflow of $606 million in portfolio investments.
“Non-residents’ transactions on equity securities recorded net purchases of $139 million, while government domestic debt securities indicated net sales of $136 million,” the bank said.
Turkish banks’ currency and deposits within their foreign correspondent bank accounts decreased by $1.5 billion.
Non-resident banks’ deposit accounts held within domestic banks increased by $1.13 billion, with an increase of $958 million in foreign currency and an increase of $167 million in Turkish Lira accounts.
Official reserves recorded a net inflow of $3.2 billion, the bank also said.
The current account deficit was $21.07 billion in January-April, rising from a deficit of $9.06 billion in the same period of 2021.
Exports amounted to $83.7 billion, rising from $67.9 billion a year ago, while imports increased from $76.6 billion to $109 billion.
Consequently, the foreign trade gap widened from $8.7 billion in the first months of 2021 to $25.5 billion in January-April this year, data showed.
Hurriyet Daily News