Türkiye's current account balance records surplus of USD2.98 billion in September
Date
11/12/2024 8:13:19 AM
(MENAFN) In September, Türkiye's current account balance recorded a surplus of USD2.98 billion, according to the latest data released by the Central bank of the Republic of Türkiye (CBRT). This surplus is a positive indicator for the country's economy, reflecting a strong financial position for the month. When excluding gold and energy, the current account balance showed an even more significant net surplus of USD7.7 billion, highlighting the country's performance in sectors other than energy and precious metals.
The overall surplus, however, was influenced by the performance in various components of the current account. Specifically, the goods deficit for the month stood at USD3.1 billion, which is an important metric reflecting the difference between imports and exports of goods. Despite this, the services sector showed a notable net inflow of USD7.4 billion, driven largely by the travel item, which recorded a significant net inflow of USD5.97 billion. This suggests that Türkiye's tourism and related services played a key role in bolstering the current account.
On the other hand, Türkiye experienced a net outflow in its primary income account, which recorded a deficit of USD1.23 billion in September. Primary income typically includes earnings from foreign investments, such as interest and dividends, which were higher than the incoming payments. Additionally, the secondary income account, which covers transfers such as remittances and aid, showed a modest net outflow of USD59 million, reflecting a balance between incoming and outgoing transfers.
Lastly, direct investments in Türkiye showed a positive trend, with a net inflow of USD649 million in September. This indicates continued foreign interest in the Turkish economy, despite global economic uncertainties. The inflow of direct investment suggests confidence in Türkiye's market and its potential for growth, further contributing to the country's overall economic stability.
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