Turkey records forth consecutive current account surplus

(MENAFN) Türkiye posted a current account surplus of $457 million in October, marking the fourth consecutive month of positive balances, supported by rising direct investments, expanding production capacity, and increased employment, according to reports.

Excluding gold and energy, the current account surplus reached slightly over $7 billion in October, while the foreign trade deficit defined by balance of payments stood at $5.9 billion, data from the Turkish Central Bank (TCMB) show. On an annual basis, the current account deficit totaled $22 billion, and the foreign trade deficit was $67.3 billion.

Ibrahim Unalmis, director of the financial research center at Istanbul Bahcesehir University, noted that while Türkiye has sustained current account surpluses for four months alongside rising exports, such a trend is typically associated with slower economic growth and weaker demand.

Ismet Demirkol, founder of consultancy firm Pariterium, highlighted that tourism revenue within services exports contributed most to the surplus. He emphasized, however, that further growth in high-tech, green energy, industrial, and digital exports is essential to maintain and expand the surplus, adding that industrial production must accelerate to offset any declines in tourism income.

Timothy Ash, senior strategist at RBC Bluebay Asset Management, stated that the current account surplus is not unexpected, noting that the annualized deficit remains low considering the recent real appreciation of the Turkish lira.

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