Current account gap over $7 bln in January
Turkey’s current account balance posted a $7.1 billion gap in January, widening by $5.3 billion on an annual basis, according to data released by the Turkish Central Bank on March 11.
The deficit stemmed from a significant rise in the goods trade gap, which soared by $6.4 billion to reach $8.3 billion, said the bank.
The country’s 12-month rolling deficit stood at $20.2 billion in January.
The gold- and energy-excluded current account posted a $1.5 billion surplus, up from a surplus of $1.3 billion in the same month of last year.
Turkey’s current account balance posted a $3.84 billion deficit in December 2021, up $401 million year on year,
In November 2021, the current account posted a $2.68 billion deficit.
Turkey posted a current account surplus of $3.15 billion in October 2021, $1.67 billion in September 2021 and $893 million in August. In July 2021, the current account gap was $514 million.
According to the medium-term economic program, Turkey’s current account deficit to GDP ratio is projected to be 2.2 percent this year. The government is aiming for the GDP to exceed $850 billion in 2022.
The foreign trade deficit was $10.26 billion in January, with a 234.9 percent increase compared to January 2021, according to data released by the Turkish Statistical Institute (TÜİK) on Feb. 28.
Energy imports amounted to $9 billion in January and the export-import coverage ratio, without energy, stood at 88.3 percent.
Turkish exports reached $20 billion last month, hitting an all-time high for the month of February. Due to the strong winter conditions and increasing global energy prices, imports amounted to $28.2 billion in February.