Turkish current account balance registers surplus of USD407M, 1st in 9 months

(MENAFN) In June, Türkiye's current account balance registered a surplus of USD407 million, marking its first surplus in nine months, according to data released by the Central Bank on Monday. This represents a notable shift from the revised USD1.02 billion deficit recorded in May. The June surplus also signifies an improvement from the USD768 million surplus reported in June 2023, indicating a positive change in Türkiye’s external financial position.

When excluding gold and energy, the current account posted a modest surplus of USD4.5 million for June. This figure highlights the country’s ongoing efforts to manage its balance of payments more effectively by focusing on core economic factors beyond the volatile gold and energy sectors.

In detail, the goods deficit for June was recorded at USD4.14 billion, reflecting the ongoing challenges in Türkiye's trade balance. However, the services sector contributed positively, showing a net surplus of USD5.6 billion. Within this sector, travel-related revenues were particularly strong, generating a net inflow of USD4.8 billion, which helped offset the goods deficit.

Despite the positive shift in June, the current account balance for the January-to-June period still reflects a significant deficit of USD16.5 billion. This long-term figure underscores the ongoing need for Türkiye to address its trade and financial imbalances, even as the June data suggests improvements in the current account’s monthly performance.

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