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Türkiye Posts USD9.6B Current Account Deficit in March
(MENAFN) Türkiye's current account balance swung to a deficit of $9.6 billion in March, the Central Bank of the Republic of Türkiye (CBRT) announced Wednesday, as a widening goods gap offset modest gains in the services sector.
Stripping out gold and energy — two of the country's most volatile trade components — the current account deficit narrowed to $3.9 billion, while the goods balance alone registered a shortfall of $9.5 billion for the month.
The services account provided a partial buffer, recording a surplus of $2.6 billion in March, offering limited relief against the broader trade imbalance.
On an annualized basis, the picture darkens considerably. The CBRT reported that the rolling 12-month current account deficit reached $39.7 billion through March, underpinned by a goods deficit of $77.8 billion over the same period.
Services delivered the most significant counterweight on an annualized basis, generating a net surplus of $63 billion — a figure that reflects Türkiye's resilient tourism and export-of-services revenues. However, those gains were eroded by primary income outflows of $23.8 billion and a secondary income deficit of $1.1 billion over the same stretch, the CBRT said.
Stripping out gold and energy — two of the country's most volatile trade components — the current account deficit narrowed to $3.9 billion, while the goods balance alone registered a shortfall of $9.5 billion for the month.
The services account provided a partial buffer, recording a surplus of $2.6 billion in March, offering limited relief against the broader trade imbalance.
On an annualized basis, the picture darkens considerably. The CBRT reported that the rolling 12-month current account deficit reached $39.7 billion through March, underpinned by a goods deficit of $77.8 billion over the same period.
Services delivered the most significant counterweight on an annualized basis, generating a net surplus of $63 billion — a figure that reflects Türkiye's resilient tourism and export-of-services revenues. However, those gains were eroded by primary income outflows of $23.8 billion and a secondary income deficit of $1.1 billion over the same stretch, the CBRT said.
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