Turkey: Current account deficit widens in April
The current account posted a USD 5.3 billion deficit in April, deteriorating from the USD 4.4 billion deficit booked in March (April 2023: USD 5.1 billion deficit). Meanwhile, the 12-month trailing current account deficit worsened, coming in at USD 31.5 billion in April (March: USD 31.3 billion deficit).
The merchandise trade balance deteriorated from the previous month, recording a USD 7.6 billion shortfall in April (March 2024: USD 5.2 billion deficit). Merchandise exports decreased 1.6% year-on-year in April (March: -4.9% year-on-year). Meanwhile, merchandise imports rose 0.9% on an annual basis in April (March: -7.8% yoy), marking the highest reading since July 2023.