Turkey: Current account records larger deficit in January
The current account posted a USD 2.6 billion deficit in January, deteriorating from the USD 2.1 billion deficit clocked in December (January 2023: USD 10.4 billion deficit). Meanwhile, the 12-month trailing current account deficit deteriorated, coming in at USD 37.5 billion in January (December: USD 45.4 billion deficit).
That said, the merchandise trade balance improved from the previous month, recording a USD 4.4 billion shortfall in January (December 2020: USD 4.6 billion deficit). Merchandise exports climbed 2.7% over the same month last year in January, following December’s 1.1% fall. Meanwhile, merchandise imports plummeted 24.1% in annual terms in January (December: -12.0% yoy), marking the weakest reading since May 2020.